Radiology Summit discusses the current state of imaging.
Shields Health Care Group (SHCG) held a Radiology Summit to discuss the current state of imaging and to identify trends in the industry. Shields operates the largest and most technically advanced network of medical imaging, diagnostic, and treatment facilities in New England. Company President, Jack Shields, moderated the panel discussion that included several highly acclaimed radiologists from various New England states.
The panelists were: John J. Cronan, M.D., FACR, Professor and Chairman of Diagnostic Imaging at the Brown University School of Medicine and Chief of Radiology and Chariman of the Department of Diagnostic Imaging at the Rhode Island Hospital in Providence. Laurie Gianturco, M.D. is the President of Radiology and Imaging in Springfield, MA, a 20 doctor practice. Alan D. Kaye, M.D., FACR is President of Advanced Radiology Consultants and is Chariman of the Department of Radiology at Bridgeport Hospital in Connecticut, an affiliate of Yale New Haven Hospital System. Steve Sweriduk, M.D. a graduate of Princeton University and Harvard Medical School is the Medical Director for Shields Health Care Group.
The panelists agreed that the future of imaging is bright. Diagnostic imaging is considered one of the most important innovations in the practice of medicine. It has reduced the use of invasive surgery, has improved the rate of early detection of malignancies, and has allowed more accurate and timely diagnoses of joint, tissue and cellular disorders. According to the American College of Radiology, (2004) diagnostic imaging is the fastest growing medical expenditure in the United States, with an annual 9% growth rate –more than twice that of general medical expenditures (4.1%).
The panelists pointed to an aging US population, a growing demand for high quality health care, and innovations in technology, as reasons behind their prediction that there will continue to be an increased need for imaging services. They see industry growth, particularly in the areas of cancer and cardiovascular disease. Women’s health is an area of growing imaging use as well.
“Shields is well-positioned to meet the increased demand for imaging services – we offer a variety of modalities and provide a level of service that is unmatched in the field.” said Jack Shields. “There will be speed bumps along the way – for example, the current economy is creating a number of problems. Unemployment brings with it a loss of health insurance and people may put off certain health care procedures because of that. High deductibles and co-pays can also be a barrier to getting good health care in a timely manner.”
The panelists acknowledged that the economy was affecting their practices, but also said that a bad economy can help to separate the bad imaging providers from the good, with the best being able to survive in spite of the fiscal situation. Dr. Gianturco was “cautiously optimistic” in spite of the economy and cuts in government reimbursements due to the Deficit Reduction Act of 2005. Dr. Kaye stressed the importance of “relationships and reputation” in the fight to survive and thrive in this environment.
As an aside, the panelists noted that in the short term, fewer radiologists are retiring because of their shrinking retirement funds and as a result, they see a tightening of opportunities for newly graduated radiologists.
The panelists foresee more transparency in the health care system and believe that health care services will become more patient-driven. They also see a rise in the number of teleradiology businesses which could cut costs, but may affect customer care. Dr. Cronan suggested that “The future of imaging is bright, but the future of radiology may be dimming because of growing turf wars.”
Overall, though, the imaging industry will continue to flourish because of the high demand.