Feature
Facts and figures The value of IR
Interventional radiology’s contributions to the field of medicine are vast and continue to grow at a rapid pace. Estimates predict the IR market to be valued at $29.2 billion by 2024— a 6.1% compounded annual growth rate.1
the IR in patient care. Innovative, minimally invasive treatments are precisely targeted, with the potential to reduce costs to hospitals and payors, minimize complications, and improve quality of care.
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By investing in interventional radiology and expanding its access to patients, the value of IR can be multiplied throughout the healthcare ecosystem.
s the field’s advancements in research and cutting-edge technological treatments expand, so too has the role of
Generating revenue and driving growth through clinical care 23% projected growth in outpatient IR over a 10-year span2 Building IR capabilities can provide new growth opportunities for hospital stakeholders. IRs perform highly efficient treatments with shorter recovery times, ideally suited for outpatient and lower- cost free-standing centers. The specialty also has the capability to effectively manage outpatients after discharge, avoiding readmissions and potentially leading to additional cost savings. One model of a hypothetical IR clinic predicted $992,000 in annual charges and collected revenues of $298,000 because of robust outpatient IR care.3
Mount Sinai Hospital: How an IR department achieved clinical and financial double-digit growth
One teaching hospital in New York City experienced a transformational journey with their IR department that resulted in a rapid increase in revenue with unprecedented growth. They moved from having 65% of IR treatments conducted as inpatient procedures to 65% of procedures being done on an outpatient basis. As a result, Mount Sinai interventional radiology grew from just one hospital with five IR rooms and five staff members, to six hospitals with 13 IR rooms and 10 IR staff within 10 years, and they increased their revenue 10-fold.
Part of this transformational shift in IR care happened through the development of a multidisciplinary hospital-based outpatient center built around patient satisfaction within the liver disease program.
The outpatient center is comprised of interventional radiologists, hepatobiliary surgeons, hepatologists and a team from liver transplant to become a one-stop shop for liver cancer patients.
The well-coordinated care in the outpatient center led to higher patient satisfaction and resulted in:
1. A financial windfall for the hospital’s outpatient setting 2. A spike in regional and national referrals 3. The number of patients coming to the center doubling over five years
4. Liver transplant numbers increasing 8–12% annually since the outpatient center was launched
22 IRQ | SPRING 2021
From a competitive standpoint, IR provides cutting-edge care that uses its advanced technological reputation to influence patients in their care decisions. Having robust IR capabilities in the inpatient setting could aid in attracting more patients. From an ambulatory perspective, one health system experienced a 722% increase in evaluation and management (E&M) billing charges over 3 years because of their IR inpatient care, with work relative value units (wRVUs) increasing by 669%.4 As more patients look for innovative treatments that are less invasive and require a shorter recovery time, demand for IR treatments will continue to grow.
Containing costs The cost of a chest port insertion in an IR suite is almost 200% lower than an insertion placed in the operating room.5 When patients are treated by an IR, the benefits of this specialized care extend beyond the patient. With less- invasive treatments, the overall cost of care—to hospitals and insurers—can be substantially reduced. Additionally, the benefit of reducing costs while providing
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