Did each partner in your MRI Imaging Center earn $200,000 or more from your in-office MRI this year?
Stephen Veals
CEO MRI Consulting Group
November 23, 2024
If not, take action to improve your MRI profitability for the New Year!
2024 is rapidly coming to a close, and if your MRI Imaging Center was not as profitable as you had planned or hoped, you can turn that around in 2025!
Since my first MRI implementation in 2006, I have consistently seen that each partner in a successful in-office MRI can reasonably expect to earn $200,000 or more annually after accounting for all expenses.
Yes, $200,000 per year is a reasonable benchmark for the ancillary revenue earned by each partner in an MRI Imaging Center.
This is not just pie in the sky; it results from doing all the right things well. When actively monitored and expertly managed, the in-office MRI Imaging Center can generate excellent ancillary income and recurring, growing revenue for each enterprising physician MRI imaging project partner each year.
What if you have not consistently earned $200,000 annually as an MRI Imaging Center partner?
In that case, it is time to hire a consultant experienced in operating and analyzing profitable MRI Imaging Centers to review your center's performance. Your in-office MRI revenue can reach the level you expect!
A Performance Review and in-depth Operations Analysis will produce an Action Plan to Increase the Profitability of your MRI Imaging Center!
Now is the time, before the end of the year, to determine and closely review why your MRI Imaging Center is not providing the ancillary income you expected or planned for as recommended by our $200,000 annual partner income benchmark.
Doing this as soon as possible allows you to decide quickly how to turn things around and increase profitability. You can enter the New Year with the confidence of a new action plan to generate more net revenue for the MRI Imaging Center than in previous or current years.
As the CEO of successful orthopedic medical groups for several years, I thoroughly reviewed the monthly and annual volume of imaging scans, revenue, expenses, and profitability for our MRI and radiology imaging services.
I compared this information against the business projections and action plans created at the beginning of the year. Additionally, I compared the imaging volume, revenue, expenses, and profitability metrics with those from the previous year.
It became clear that Managed Care Insurers continually exert downward pressure on reimbursement in various ways.
Expenses rarely decrease, and increasing expenses can negatively impact profitability. However, negative trends in imaging volume, revenue, costs, and profitability must be quickly identified and addressed.
This annual review is a valuable service we frequently perform for our clients.
An End-of-Year, In-Depth MRI Business Analysis is critical for Profitability Enhancement.
A well-constructed, in-depth business review of your MRI Imaging Center's scan volume, expenses, profitability, and revenue per scan for this year by each managed care insurer compared to previous years is fundamental. In my experience, this review allows you to identify trends to build upon and those requiring further examination and perhaps significant changes.
Consider this annual review as preventive financial maintenance for your MRI Imaging Center and an opportunity to enhance profitability.
I have found examples of insurer underpayment and expense creep that must be addressed quickly. Overall profitability slippage is common and can arise from various areas.
Clients are often surprised when we show them the operational areas where revenue and profitability slippage have occurred and, importantly, where profitability can be improved promptly!
Most recently, we were retained by a leading Colorado Orthopedic Medical Group. After analysis revealed a substandard reimbursement rate with a key Managed Care Insurer, we entered into reimbursement renegotiations and gained a substantial increase in their reimbursement rates with the group's most significant single insurer. In addition, we substantially increased negotiated reimbursement for all of their Orthopedic CPT codes, not just for MRI CPT scan codes.
You have nothing to lose and everything to gain, including improved profitability.
In my experience, an In-Depth Business Review and Analysis of your MRI Imaging Center invariably uncovers numerous opportunities and strategies to improve net revenue.
Diminished profitability in MRI Imaging Centers does not need to happen. However, when it does occur, and most importantly, when discovered, it can be remedied relatively quickly and with stunning success! Enter the New Year with an Analysis and Action Plan to ensure your highest level of profitability!
We perform a highly individualized and in-depth Business Analysis for your MRI Imaging Center and implement effective, proven strategies to improve and sustain performance.
Give your MRI Imaging Center the best possible year of increased profitability, and take your $200,000 (or more) per partner in ancillary revenue to the bank in 2025!
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