Scott Bundy, MD, FACR, CEO and Chair, Strategic Radiology
The cost of health insurance has become a pain point not just for private practice radiology, but for all employers in the U.S. Our practices came together, educated themselves on the options, and built an insurance captive program that will lower costs and improve flexibility for member groups.
DALLAS (PRWEB) January 10, 2023
On Jan. 1, 2023, Strategic Radiology (SR) launched SR Health, a self-funded health-care captive for its independent private practice membership. In creating a captive insurance plan, the coalition anticipates members to achieve up to 30% or more savings on premiums, greater control of coverage options, and visibility into plan data.
“The cost of health insurance has become a pain point not just for private practice radiology, but for all employers in the U.S.,” said Scott Bundy, MD, FACR, CEO and Chair, Strategic Radiology (SR). “Our practices came together, educated themselves on the options, and built an insurance captive program that will lower costs and improve flexibility for our member groups. In exercising an ownership mentality, Strategic Radiology member groups will reap significant cost savings and plan control.”
Eight member groups with a total of 2,000 covered lives are currently receiving benefits under the plan with many more of the 33 member groups expected to be onboarded throughout 2023 when existing contracts expire. Five fully vetted best-in-class contracted companies provide the following services: a captive analyst and program manager; a reinsurance provider; a pharmacy benefits manager; a third-party administrator; and a national broker.
The plan was researched and built during 2022 by the SR Captive Governance Committee, with representation from member groups and led by Dr. Bundy and Barbara Perez Deppman, FRBMA, FACHE, SR COO. “Our team worked with insurance brokers and consultants to identify and interview potential partners with deep experience in the independent insurance market,” said Ms. Deppman. “This program is a testament to the collaborative effectiveness of our owner-members.”
Strategic Radiology leveraged the collective scale of member groups to share risk in the captive layer and partner with best-in-class vendors to significantly reduce overall costs. With the guidance of a seasoned captive management advisory team, the plan was built to maximize value and control at the local individual practice level, minimize disruption of access to existing providers, and maintain economic fairness between high-claims and low-claims groups.
About Strategic Radiology
Strategic Radiology (SR) is a national coalition of 33 privately owned, independent, radiology practices representing 1500+ radiologists that have come together to improve quality, gain operational efficiencies, and innovate the future of radiology's private practice model. SR established the nation’s first imaging-specific PSO listed by the Agency for Healthcare Research and Quality and also provides its member groups value through shared savings via a group purchasing program, strategic partnerships, and proprietary products and services. To learn more, visit http://www.StrategicRadiology.org and follow SR on LinkedIn, Twitter, and Instagram.
SR Members:
- Advanced Radiology Services; Grand Rapids, MI
- ARA Health Specialists; Asheville, NC
- Casper Medical Imaging and Outpatient Radiology; Casper, WY
- Catawba Radiology Associates; Hickory, NC
- Central Illinois Radiological Associates; Peoria, IL
- Chesapeake Medical Imaging; Annapolis, MD
- Delaney Radiology; Wilmington, NC
- Diagnostic Imaging Northwest; Portland, OR
- Gaston Radiology; Gastonia, NC
- The Hill Medical Corporation; Pasadena, CA
- Huron Valley Radiology; Ann Arbor, MI
- Mecklenburg Radiology Associates; Charlotte, NC
- Medical Center Radiology Group; Orlando, FL
- Mountain Medical Physician Specialists; Salt Lake City, UT
- Naugatuck Valley Radiological Associates; Waterbury, CT
- Northwest Radiology; Indianapolis, IN
- Quantum Radiology; Atlanta, GA
- Radiologic Medical Services; Iowa City, IA
- Radiology Associates; Corpus Christi, TX
- Radiology Associates; Jeffersonville, IN
- Radiology Associates of Albuquerque; Albuquerque, NM
- Radiology Associates of Macon; Macon, GA
- Radiology Associates of North Texas; Dallas/Fort Worth, TX
- Radiology Associates of Richmond; Richmond, VA
- Radiology Associates of Tallahassee; Tallahassee, FL
- Radiology Consultants of Lynchburg; Lynchburg, VA
- Rome Radiology Group; Rome, GA
- Southeast Radiology, Ltd.; Glen Mills, PA
- Southern Radiology Consultants; Baton Rouge, LA
- Tower Imaging Medical Group; Santa Monica, CA
- Triad Radiology Associates; Winston-Salem, NC
- United Imaging Consultants; Mission, KS
- X-Ray Consultants; South Bend, IN