Bringing light to how consolidation and teleradiology are affecting the sector
First on the agenda was a snapshot of the sector’s current themes. The six main topics to note are: corporations purchasing practices, otherwise known as consolidation; artificial intelligence, which can be used before, during and after dictating reports; Imaging 3.0, where radiologists progress from solely making reports to undertaking more consulting; structured communication tools; expanding use of teleradiology (also known as telerad); and outsourcing certain procedures to radiology assistants.
Steady growth is expected in radiology; the market stands at USD 105bn, up from USD 100bn five years ago. This increase is mostly driven by an ageing population and a higher volume of preventive imaging, as more value is seen in medical imaging, by doctors as well as better-informed patients. The telerad segment is also set to expand. At present about 10-15% of radiology is telerad, but the rate could accelerate – and the specialist estimates it could make up the majority in ten years’ time.
Consolidation is another huge factor affecting the sector. Approximately 9% of radiologists work for consolidators. The biggest companies in this category are Rad Partners, Envision and Mednax. There are some upsides associated with this model, for instance: “level workflow, more people working from home, improved access to subspecialists, more uniform system… [and] lower costs.” Consolidators are having trouble hiring and this does not seem to be an attractive career route for radiologists. Despite this, the specialist forecasts more consolidation happening in the near future and discusses whether it could eventually dominate the specialty.
To access all the human insights from Third Bridge’s US Radiology Consolidation Staffing Technology Legislation Trends Interview, click below to view the full transcript.
The information used in compiling this document has been obtained by Third Bridge from experts participating in Forum Interviews. Third Bridge does not warrant the accuracy of the information and has not independently verified it. It should not be regarded as a trade recommendation or form the basis of any investment decision.
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