The ambulatory surgical center was invented about four decades ago. The centers have proven exceptional abilities to improve customer care and quality facility which have been provided along with simultaneously reducing the costs. With the time when the majority of the shift witnessed in the healthcare industry with the technology advancement which is expensive; ASCs have been an exceptional case of offering affordable services.
So how ASCs can maximize the value and avoid becoming just another statistic? Long term, the answer lies in increasing the number and nature of procedures that can be safely performed in an ASC. More immediately, there are steps providers can take to increase current volume and profitability.
Maximizing the profitability at the Ambulatory surgical centers
Increasing the volume of patients that can be seen at the ASCs is an important step to sustain for any center, but it is not the sole thing. The centers need to ensure that they are collecting all of the revenue they are due and managing costs effectively. An expert medical billing company offers it’s consulting to Ambulatory surgical centers for maximizing and improving profitability, they usually look at four important areas:
- Are all procedures broken out by the cost for each case type, with and without labor?
- How often the medical billing and coding is reviewed? And how often are codes compared across the practice to ensure consistency among all surgeons?
- Have cases ever been reviewed by costs, then coding—and then compared to managed care entity payment?
Revenue & Billing
- Is administrative staff collecting copays and deductibles at the point of service?
- Are ancillary services, such as intraoperative monitoring, being billed separately?
- Have managed care contracts been reviewed to determine reimbursement allocation?
Costs & Supplies
Can surgical instruments be put on consignment and paid for only when used or opened?
Costs & Staffing
- Does the healthcare staff being cross-trained regularly?
- Is your staff practicing at top-of-license?
- Is it cost advantageous to the contract out implants to the 3rd party company for billing?
Steps to maximize value for Ambulatory surgical centers in 2018
Optimizing the operational efficiency
There are 2 biggest expenses for ASCs; they are staffing and the cost of medical supplies and equipment. Technology that captures pre-op information of the patient and schedules cases efficiently can drastically reduce the additional staffing needs and minimize the turnover time between procedures.
Technology plays an important role in inventory management. By eliminating manual inventory management processes and minimizing unused supplies, ASCs can benefit from lower expenses, greater efficiency and a profitable bottom line.
Managing your success with KPIs
Key performance indicators which we have widely known as KPIs remain important, factor in telling you where you stand and where there may be a breakdown in the revenue cycle management which you need to work and improve.
To successfully manage your revenue cycle in this new reality you’ll need to monitor the KPIs frequently and keep up reporting, with the end of day reporting, weekly soft closes and a monthly scorecard.
Build a strong technology foundation
Gaining efficiency, monitoring KPIs and measuring outcomes require easy access to operational, clinical and financial data with an ability to analyze that data. This is only possible when data is stored digitally in systems that are connected and enable workflow automation.
Gaining insights with the analytics
Analytics lets you streamline processes, benchmark performance and dynamically make adjustments. In value-based programs, the ability to continuously learn, improve and adapt makes you more responsive.
Engage your patients
An important shift in value-based care is that patient experience is tied to reimbursement and patients often bear greater financial responsibility. Satisfied patients are more likely to pay and become advocates for your facility. Engaging with patients by creating an effective communication connection will help build confidence, satisfaction, and loyalty and, ultimately, drive profitability.
As organizations prepare for value-based and site-neutral reimbursement, Ambulatory surgical centers will be essential for offering high-quality clinical care at a lower cost for patients. But to remain competitive in the year 2018, they’ll need to maximize both volumes and profitability.