Leadership Accelerator Series - Session Descriptions
Radiology and the U.S. Healthcare Economy
Combining mandatory private insurance and government sponsored insurance, U.S. healthcare financing is unlike any other country in the world. While far from a free market economy, US healthcare pricing is nevertheless subject to the fundamental economic principles of supply and demand. These principles and their impact on healthcare financing and physician compensation will be introduced and used to augment a discussion of radiologist compensation models across current practice environments. Finally, newly introduced value-based compensation will be discussed together with the potential drivers of radiologist compensation under these new payment models.
The majority of U.S. radiologists derive a substantial portion of their revenue from hospital based work. The two dominant models for radiologist hospital relationships are direct employment or independent contracting with a private group. The latter relationship is dominant today. But both models necessitate that radiologists understand the needs and interests of both the hospital and the medical staff and nurture their relationships with both groups to assure stability.
Financial Information and Planning
The major driver of organization decision making is financial performance, which is analyzed post hoc using generally accepted accounting methods. Familiarity with basic financial statements provides a basis for understanding some key financial performance data, but balance sheets and income statements are constructed principally for external communication. Managing an organization based upon financial performance requires an inward focus and the application of managerial or cost accounting principles. These methods will be introduced and a framework for cost accounting to facilitate planning will be discussed.
Compliance in the Workplace
Regulatory requirements imposed by a diverse spectrum of government sources are an important reality in US healthcare. Failure to comply can result in steep fines, loss of contracts, and risks to patient safety. This session will focus on the key sources of these regulations and strategies to facilitate a proactive approach to compliance, including policies, monitoring, communication, and accountability.
Service Quality and Safety Improvement
Assuring a safe environment for patients is a minimum standard for a radiology department. Nevertheless, assuring the safety of patients and their families is not trivial and requires monitoring, process, and diligence to maintain and improve the safety the department. Of equal importance is assuring that the quality of imaging across the value chain is at its highest level. This includes many aspects of our interactions with patients including scheduling, imaging, interpreting, and communicating. This session will focus on how to identify opportunities for improvement, plan projects, and monitor the results.
Establishing the purpose, direction, and goals of an organization are core to its identity and its development. Within a static world, these elements of strategic planning would need to be done once and the practices operations guided by the resulting plan. However, because our healthcare world is not only changing, but changing rapidly across a spectrum of domains, regular examination and adjustment of the strategic plan is necessary for organizational success.
Social media is an increasingly important force shaping medical practice and influencing patient behavior. Patients increasingly rely on social media to choose a provider, understand disease, express preferences, and make connections with caregivers. A strong social media presence is a vital strategy for building a direct relationship to patients and referring providers, a cornerstone if the Imaging 3.0 campaign. This is particularly true for radiologists and radiology practices, given the challenges that our specialty faces in public awareness. This session will highlight the business imperative underlying the use of social media in current medical practice.
More than just advertising, marketing is the "process of communicating the value of a product or service to customers, for the purpose of selling that product or service" (Wikipedia). In this session, attendees will review the fundamentals of marketing, including the "5P" mnemonic: product, price, placement, promotion, and people. We will discuss branding, and the influence of successful branding on product selection and product loyalty. Key topics will include development of a marketing plan and the role of everyday interactions in marketing.
Medical groups incorporate a diverse workforce, and leaders must be able to navigate a complex array of styles, goals, and visions. A dynamic, successful team is essential for medical practices to maintain a healthy margin and enhance quality of care. Rising costs, shrinking margins and an unprecedented velocity of change in radiology require a culture that fosters a practice's success. This session will focus on enabling leadership, including running an effective meeting and managing practice politics.
Radiologists spend their day developing communications, most commonly in the form of a written report. The communication skills required of a leader, however, extend well beyond the written communications most commonly encountered in everyday practice. This session focuses on key leadership skills required for more effective communication in clinical and non-clinical settings, including the ability to distinguish between important and critical communications, persuasive communication, and delivering positive and negative news.
Managing a successful transition into a position of leadership requires self-awareness and personal commitment to personal and professional development. This session will examine personal motivation, the professional habits required of successful leaders, and key professional development principles.
Ethics and Professionalism and Development Plans
Involvement in societies like the American College of Radiology is a crucial way to contribute to the profession, ensuring a strong voice in clinical practice, quality, regulation, and economics. A practice culture that endorses and supports involvement in outside activities, including organized medicine, is an important investment in the long-term success of the specialty. This session will focus on key tenets of professionalism and will also cover the role of political advocacy activities.