The 50 Largest Private Radiology Practices

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Click the image to view The 50 Largest Private Radiology Practices        Click here to download the PDF

A year ago, I would not have predicted the results that follow in the third annual survey. In last year’s introduction, I mentioned that there was a fair amount of merger activity going on; I would have predicted that the big would become bigger. Nine groups in the top 50 did increase their radiologist counts by five or more, with Charlotte Radiology increasing by 15. The surprise comes in terms of the number of groups that decreased in size. Fourteen groups have become smaller. This appears to be due to increased efficiencies—and also to hospitals’ employment of radiologists. The world of radiology is unpredictable now.

The recent announcement of the merger of two large teleradiology companies creates some interesting dynamics in the marketplace. Combined, the two organizations employ 325 radiologists, but they are excluded from the survey because it is limited to private-practice radiology groups. The new, postmerger entity has the capital and the infrastructure to continue to grow, and I would guess that it will. The private groups do not have the capital (and many do not have the infrastructure) to handle growth. Collaborative joint ventures like Strategic Radiology may be a partial solution.

Strategic Radiology (a consortium of 15 groups covered in the April/May 2010 issue of Radiology Business Journal) has about 900 radiologists. The top 15 practices in the survey this year have a combined total of 1,078 radiologists.

Some of the Strategic Radiology groups did not participate in the survey; other larger groups, in Texas and elsewhere, chose not to participate, so the survey is not 100% accurate. It is fun, however, to see how groups are doing.

Thank you for participating.

Joseph P. White, CPA, MBA
Principal, Health Care
LarsonAllen LLP: CPAs,
Consultants & Advisors
Minneapolis, Minnesota

Check the digital edition(above) to view the complete 50 largest private radiology practices chart

Some evidence of the consolidation occurring in the broader health-care market can be observed in the results of the third annual survey to rank the 50 largest radiology private practices in the United States. Cosponsored by LarsonAllen and Radiology Business Journal, the survey revealed that several practices took great leaps up the ranking, several dropped down, and some accumulated more imaging centers (though many shed them). A total of 14 practices decreased in size.

Financial information submitted by the practices is confidential, so the criterion used to rank the practices was number of radiologists (FTEs, rather than individuals, were counted for all practices’ radiologists and employees). The Web-based survey, made available to readers of Radiology Business Journal and, was conducted from July 15 through September 15, 2010.

This year, 72 practices participated (slightly more than last year), and the sponsors are grateful not only to those in the ranking, but also to the 22 practices that filled out the survey, but had too few radiologists to be included. The information provided by all 72 participating practices was instrumental in identifying trends affecting the practice of radiology in 2010.

Participation is voluntary, so the list should not be construed as definitive. This year, however, the survey was more representative of the nation’s largest practices, with 14 established practices appearing for the first time. This resulted in increases for both the median size of the 50 largest practices and the size of the smallest ranked practice (31 radiologists, compared with 25 last year).

Because the survey was more inclusive this year, practices could retain last year’s rank only if they had added radiologists. Where two or more practices had the same number of radiologists, we assigned a rank based on their number of employees.

Medians for the selected practice variables (Figures 1–4), likewise, are based solely on the input of our universe, and are not necessarily representative of the broader practice environment. Nonetheless, these 72 practices gave input that is likely to resonate with their peers and to provide useful insight into contemporary practice.

The Practices at the Summit

For the second year, Advanced Radiology Services PC was the largest practice in the nation (see table, page 30), with 106 radiologists. The practice continues