The SIR Business Institute is returning to the SIR Annual Scientific Meeting for the fourth 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).
A growing market
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 Gries, 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 at the 2024 Business Institute 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.
Deep-dive sessions
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.”
An investment for all IRs
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.”
Coming up at the SIR 2025 Business Institute
- Insurance/payer contract negotiations: Speaker: Laurie Bouzarelos, FACHE, Founder/Consultant, Provider Solutions Healthcare Consulting
- Practice management: How to lead your team to run a successful practice: Speaker: Teri Yates, CEO, Accountable Physician Advisors
- Personal financial preparation for outpatient transition: Speaker: Joshua Thompson, FACHE, MBA, Partner, Kordis
- Legal: Ways to mitigate the impacts of pseudoexclusive contracts and noncompete agreements: An update on legal and regulatory issues related to VC/PE: Speaker: Jason Greis, JD, Partner, Benesch Friedlander Coplan & Aronoff LLP
- Contracts: Exclusive IR independent IR: Speaker: JD Meler, MD, VP of Medical Affairs and Enterprise Clinical Excellence, BD
- Digital marketing and social media: Speaker: Connor McPherson, Digital Marketing Strategist, OBL Marketing
- How to speak to the C-Suite: Speaker: Michael Tarnoff, MD, retired, Executive Tufts Medical Center
