Raleigh Radiology doubled in size and stayed independent
In a sponsored feature in Radiology Business, Jessica Kania tells how Raleigh Radiology in North Carolina survived a hostile takeover attempt, doubled its radiologist count and expanded into two new states with Collaborative Imaging, now CIVIE, as its partner.
A takeover attempt changes the plan
For decades the group covered one community hospital and a handful of imaging centers. “We weren’t really looking for more,” says President and Managing Partner Satish Mathan, MD. In 2017 a local competitor attempted a hostile takeover. Raleigh Radiology responded by winning that competitor’s 1,000-bed hospital contract, which doubled its volume and meant hiring about 10 radiologists in roughly six months.
To keep growing, the group weighed private equity and in-state mergers but did not want to give up its autonomy.
Scale without selling
The board voted unanimously to contract with Collaborative Imaging for billing and revenue cycle services, its worklist, RIS and PACS voice recognition integration, and consulting on how to scale. Raleigh kept some of its own technology, including its PACS.
“Ci presented the opportunity to have the benefits of scale—cost savings and commoditized services for the revenue cycle and technology—and also an ability to bring technology that we have input on,” Mathan says.
Measurable results
According to Mathan, the group took over services for three new hospitals in three days, compared with the roughly 90 days onboarding used to take. After moving all professional billing to Collaborative Imaging in 2021, he estimates cost savings of about 10%, and an internal review found collections per work RVU up 15% after six months.
Support also got simpler. “Now, it’s just one phone call with Ci,” he says, instead of separate calls to worklist, PACS and billing vendors. Since the takeover attempt, the group has grown from 23 radiologists to about 50 and expanded into South Carolina and Virginia.
A peer network
Mathan also values Collaborative Imaging as a second opinion on IT and payer contracts, and the network of client groups that meets virtually each quarter. That network has even sent referrals Raleigh’s way.
Groups looking for the same mix of RIS, worklist and revenue cycle support can see how CIVIE works for radiology groups.
Source: “How Raleigh Radiology quickly onboarded clients to double in size while staying independent,” Jessica Kania, Radiology Business, August 3, 2022.
