The SIR Business Institute returned to the SIR annual meeting for the third year, bringing a full day of practice and business education for IRs of any level.
The 1-day symposium is geared toward entrepreneurial (or future entrepreneurial) IRs who are looking to enhance their approach to the business of IR, whether they’re in private practice, academics or running an office-based lab (OBL).
The 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 this kind of growth, there are tremendous opportunities awaiting IRs looking to set up their own practices—but there are also pitfalls.
“There are a slew of regulatory and legal risks that are easy to fall into if your practice isn’t set up right, and even more if the practice isn’t operated right,” said Jason Griess, a corporate healthcare attorney who has presented at all three Business Institutes. “It’s far better to do things right from the beginning, rather than have to restart.”
Along with attorneys Murad Hussein and Paul Rudolf, MD, Gries coordinated a session about compliance risks geared toward helping business owners set up their practices right. “There are a lot risks, but if you’re focused on quality and outcomes rather than volume, and your guiding principle is to do right by your patients, that will alleviate many of the legal and regulatory risks you’ll encounter,” Gries said.
In addition to compliance issues, sessions also focused on business finance basics, securing capital and understanding IR revenue cycle performance.
Other presentations provided instruction in the day-to-day functions of a business, such as setting up human resources and practice management systems, ensuring strong cybersecurity, and navigating the supply chain.
“Taking the leap and opening your own outpatient facility or private practice can be quite daunting,” said Chas Sanders, MBA, who focused on the ins and outs of the supply chain. “If you are considering taking this leap, you should arm yourself with a deeper understanding to help you make a more informed decision. The SIR Business Institute will supply that understanding provided by the best industry experts.”
David Howard, MBA, FRBMA, provided insight on marketing and how crucial it is for practice growth. “There is a vast knowledge gap within the general population related to interventional radiology. IR physicians who want to grow their practice must understand effective marketing tactics and how to drive patient engagement,” Howard said. “Potential patients need to understand who you are. You have to build trust in your brand before they will be willing to schedule an appointment.”
According to presenters, while the Business Institute is particularly useful for those currently in private practice or who want to open an OBL, the business education offered could benefit all IRs.
“The educational sessions provided through the SIR Business Institute symposium should be required education for all IR physicians,” Howard said. “The business side of medicine is complex, and physicians need to have a baseline understanding of its intricacies in order to ensure their practice is running at its highest potential.”
You can purchase the CME-accredited 2024 SIR Business Institute Virtual Series On-demand at any time. The 2022–2023 SIR Business Institute sessions are also available in the Business of IR library along with webinars, live events and more CME opportunities.
Be sure to visit the SIR Business Center for more education, practice toolkits and resources for every aspect of practice management.
