by Marius Ged, on Oct 10, 2022 2:09:36 PM
Welcome to the October edition of our Monthly Radiology News, brought to you by PIP Recoveries.
Our roundups cover everything from new imaging techniques and research to the latest firm growth strategies for increased revenue. Stay tuned for updates on the latest happenings in medical imaging!
What's New in FL Radiology
1) Indian River State College Prepares Students with a $300,000 Investment in Diagnostic Imaging Equipment
Since the pandemic spurred the Great Resignation, radiology has faced a shortage of physicians, nurses, and rad techs. To remedy this issue, Indian River State College (IRSC) in Fort Pierce added $ 300,000 worth of diagnostic imaging equipment investment to its Health Science Radiography Suite. The partnership with Fujifilm Healthcare Americas Corporation is designed to better prepare students for careers in the specialty.
IRSC won the funds as part of Governor Ron DeSantis’ 2020 State of Florida General Appropriations Act, which offered financial support to projects designed to remedy the healthcare worker crisis.
Some of the diagnostic equipment purchased included:
- A D-EVO Suite II
- A D-EVO Suite FSx Floor Mounted X-ray Room
- An FDR Go PLUS Portable X-ray
- FDR D-EVO II Detectors
- A Persona C Mobile Surgical C-Arm X-ray System.
"Clinical practice is an integral part of health science students’ education, and through this investment, our students will be trained with medical imaging equipment used in today’s hospitals and surgical facilities,” said Dr. Ann Hubbard, Dean of the School of Health Science.
Industry Updates
1) The Radiology Services Market Is Forecasted to Grow by 20.8% CAGR from 2022-2029
In September, research analysts published the Global Radiology Services Market report. The annual publication predicts that the radiology services market will have a compound annual growth rate (CAGR) of 20.8 percent between 2022 and 2029. At the beginning of 2021, the market was valued at $1.33 billion and is predicted to grow to $6.03 billion by 2029.
Data Bridge Market Research considered patient epidemiology, distributor analysis, regulatory frameworks, and pricing to compile their findings. These findings can help radiology practices stay abreast of trends and plan strategically.
Within the market, the sector market predicted to grow the most significantly is neurology. The research team predicts that services catering to disorders like Alzheimer's, Parkinson's, and other nervous system conditions will expand considerably over this seven-year period.
2) West Virginia University Health System Meets Demand for Mobile Imaging with Low-Dose CT Lung Cancer Screening Program
According to Alliance Healthcare Services, Americans have come to expect more virtual and in-home care. In radiology, mobile imaging can meet that demand. A promising development is the first-of-its-kind cancer screening program, called LUCAS, rolled out by the West Virginia University Health System.
LUCAS is a computed tomography scanner driven by artificial intelligence. The machine has been installed into a vehicle, which keeps it continuously powered as radiology personnel drive it throughout rural West Virginia. Few citizens in the state have access to screening services.
“If there’s one thing we’ve learned through the hub-and-spoke model we’ve adopted for our health system, it’s that we need to meet people where they are rather than have them travel to us for their care,”Albert Wright Jr., president and CEO of the system.
The LUCAS team can visit 42 underserved counties and screen 20 patients a day.
Growing Your Practice
1) Nonphysician Practitioners (NPPs) Can Fill Physician Gaps at Radiology Practices
Radiology Business suggests that there could be a 35,000 physician shortage in radiology and other specialties within the next ten years. To remedy this issue, some radiology practices have begun employing non-physician Practitioners (NPPs). From 2017 to 2019, the number of nurse practitioners and physician assistants submitting claims increased by 16.3 percent.
Nurse practitioners are most likely to clinically evaluate patients and manage practices, while physician assistants perform invasive procedures, like paracentesis and thoracentesis, more often than other NPPs. Both practitioners also are likely to be part of larger teams.
"We believe that the observed growth of [evaluation and management] services rendered by radiologist-employed NPPs…reflects ongoing adoption of such team-based interventional radiology care," said the study's authors in the Journal of the American College of Radiology.
2) PIP Recoveries Has Secured More than $3.7 Million in Unpaid Claims for Medical Practices
Florida is one of only ten states that offer personal injury protection (PIP) auto insurance. This insurance provides up to $10,000 in medical coverage to injured drivers rather than focusing on establishing fault in the courts. Motor vehicle owners must purchase this coverage.
However, the National Insurance Crime Bureau suggests that Florida has the highest number of “questionable claims” nationally. PIP premiums make up about two percent of collected insurance premiums in the state but comprise almost half of fraud referrals.
These fraudsters overwhelm insurance companies, slowing medical practices' legitimate PIP claim processing. Moreover, an overloaded insurance company is likelier to lose or erroneously turn down claims.
Over the past 25 years, PIP Recoveries has recovered over $3.7 million of unpaid PIP claims for medical practices. If you don’t have the time or resources to follow up on unaccepted or lost PIP claims, we can help. Call us at (561) 867-4765 or toll-free at 844 - 4GEDLAW to schedule a consultation.
