Entrepreneurs, business managers and institution leaders alike will find value at the Business Institute developmental course at SIR 2024.
SIR Business Institute, held from 8:30 a.m.–6 p.m. MT on Saturday, March 23, is a 1-day entrepreneurial symposium designed to assist IRs and their practice administrators who want to expand their knowledge and approach to the business of IR.
“Unlike an MBA or business class, the SIR Business Institute is organized in a way that addresses your real-world problems and concerns and is taught by those who are also in the trenches,” said Driss Raissi, MD, MBA, FSIR, who attended the course at SIR 2022. “The situations brought in aren’t hypothetical—they are directly applicable to your practice.”
The SIR Business Institute—much like the SIR Business Center—equips attendees with practical, hands-on resources and advice for those looking to grow their practice or expand into the office-based lab (OBL) space.
According to Program Directors Mary Costantino, MD, FSIR, and Allan Hoffman, MD, FSIR, the U.S. OBL market size was valued at USD 9.6 billion in 2021 and is expected to grow at a compound annual growth rate of 7.46% from 2022 to 2030.
With the growing prevalence and success of the OBL model, many IRs may be interested in branching out but might not know how to do so. According to Dr. Raissi, the SIR Business Institute provided an accessible introduction into this path.
Dr. Raissi, who was pursuing his MBA at the time he took the course, said he has never been taught anything about building an OBL in his higher education. It’s likely, he said, that many IRs are discouraged from becoming an entrepreneur simply due to lack of knowledge.
“The program directors addressed building an OBL in such a way that made it seem feasible,” Dr. Raissi said, “and it seemed like your OBL could even be successful as long as you know what steps to take, which the course specifically focused on.”
These lessons will be expanded on during the SIR 2024 course, which includes topics such as:
- Marketing/social media
- Cyber security
- HR/practice management
- Legal jeopardy: What are our compliance risks in the OBL setting?
- Business finance basics
- Supply chain: Setting up your practice for growth and success
- Access to capital (private equity vs venture capital)
In addition to setting up an OBL, the course will also focus on the importance of revenue cycle performance—which Dr. Raissi said is applicable to any practice model.
“One of the lessons I took from the course which I adapted into my practice was how important it is to be aware of not only your professional work reviews, but the overall value your practice brings to your institution,” he said. “What upstream and downstream value do we bring? How are we splitting professional and technical revenue? How can we use this knowledge to become more competitive?”
This knowledge, Dr. Raissi said, also improves your negotiation position within your institution.
Between the networking connections and the interactive teaching style brought by the program directors, Dr. Raissi said the overall course was an excellent return on investment. “I honestly think anyone running a practice, or anyone aspiring to expand their leadership and business opportunities, should attend,” he said.
While the core mission stays the same, the details of the course change the following year, and Dr. Raissi says he thinks there’s value in attending more than once. “Continuous education, not just in the medical field but also in the business knowledge field, continues to evolve,” he said. “New situations and new opportunities present themselves each year, and if you don’t continue seeking more knowledge, you will find yourself behind.”