The 75 Largest Private Radiology Practices

Twitter icon
Facebook icon
LinkedIn icon
e-mail icon
Google icon

Click the image to view The 75 Largest Private Radiology Practices | Click here to download the PDF


Introduction
During the break of a radiology-group retreat, a young radiologist was congratulating a radiologist 30 years his senior on his upcoming retirement. The young radiologist commented on how lucky the retiring radiologist was to have lived through the glory years of radiology. The senior radiologist replied he would trade places with him in second for the opportunity to be in his 30s again. The outlook might seem tough for radiology, but it is all a matter of perspective.

The marketplace continues to consolidate. Some of it shows in this survey; however, some major radiology service providers were eliminated from the survey because they were not radiologist owned. We will need to reconsider whether these groups should be included, in future years, as the lines become blurred between traditional groups and teleradiology organizations.

In comparison with last year, there appears to be more stability in groups. More of the top 50 groups have added radiologists, while the number that have shown decreases is about the same as it was last year, with most of the decreases being very small.

Advanced Radiology Services (Grand Rapids, Michigan) continues to lead the country in size, with 113 FTE radiologists, and is operating under a divisional model. While I believe that this model allows various groups to come together, it does have its challenges, when it comes to continued growth. This makes me think of a joke that I heard the other day: What do you call a 99-to-1 vote in a radiology group? It’s a tie.

Mountain Medical Physician Specialists (Murray, Utah) made the biggest jump on the list, adding 13 FTE radiologists and going from 15th to sixth place on the list.

2012 will present continued challenges. I am confident that the leaders of the larger groups will continue to adapt and make the necessary adjustments to continue to be successful. We recognize that many large groups choose not to participate and thus the survey is not 100% accurate. We want to thank those who do choose to be a part of the survey. Be strong and prosper in the coming year.

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


If annual procedure counts are an indicator, the seemingly endless growth in imaging volumes appears to have stalled at the nation’s largest practices, lending a note of truth to anecdotal reports that volumes are down in imaging centers and hospital radiology departments nationwide. After logging procedural volume increases in all practice-size categories in 2009, the nation’s largest radiology practices reported either reduced volumes or modest increases in 2010.

This factor might have contributed to a slowing of the steady growth trend in median practice size seen since we instituted the survey in 2008. While the overall median group size of participating practices increased just 0.2 FTE in 2011, the median size of the very largest practices continued to climb.

Nonetheless, all size categories (with the exception of the very largest practices) reported increases in the number of FTE employees in 2011. Remarkably, the median revenue per FTE employee has stabilized across all size categories to a nearly equivalent number, perhaps indicating that efficiency and productivity measures instituted at the nation’s largest practices—with 19 to 113 FTE radiologists—have contributed to a kind of economic equilibrium across all size segments.

The financial information reported by the practices is confidential, so the sole criterion used to rank the 75 practices was the number of FTE radiologists. A Web-based survey was made available to readers of Radiology Business Journal at www.imagingbiz.com from July 15 to September 15, 2011.

This year, survey collaborators Radiology Business Journal and LarsonAllen (Minneapolis, Minnesota) increased the number of practices ranked from 50 to 75. A total of 87 practices participated, and the sponsors wish to express their gratitude not only to those who are listed in the ranking, but to who took the time to fill out the survey, yet had too few radiologists to be included. The information provided by all 87 practices was used to identify trends affecting the practice of radiology in 2011.

Participation is voluntary, and results are based solely on self-submitted data, so the list cannot be considered a complete