How much do canceled appointments actually cost radiology?

Brian Bradfield.Canceled appointments are an inevitable part of a radiology department's — and a hospital's — operations. As shown in an MGMA Stat poll Looking at this through the lens of financial health, this increase in no-shows translates into a big profit hit for radiology. It's more than the loss of revenue from delivered services — it's also a matter of underutilization of resources. Loss of provided service revenue Radiology services can be a big profit generator for hospitals. As the population ages and preventive measures become more commonplace, there is a heightened demand for CT scans, MRIs, and x-rays. The cost of radiology services can vary for a variety of reasons, from where a service is performed to parts of the body being examined. If we're talking about a CT scan, the cost can range anywhere from $300 to $6,750 — up to 10 times more than your standard x-ray. Every canceled CT scan leaves reimbursement money on the table. Underutilization of equipment and staff An MRI scanner can cost a hospital $500,000 at minimum. When these systems sit idle and aren't used to full capacity, hospitals miss out on maximizing return on investment. Fixed costs associated with these systems, such as maintenance, are also spread across fewer scans, causing cost per scan to increase. Meanwhile, the staff that operates these scanners is underutilized. Without gaining revenue from performed scans, hospitals still have to foot the bill for staffing costs. As nation...
Source: AuntMinnie.com Headlines - Category: Radiology Tags: Clinical News CT Digital X-Ray MRI Source Type: news