There are over 5,400 surgery centers. Available physicians are limited and hospitals continue to pose a strong competition – sometimes partnering with ASC. Ambulatory Surgical Center will need to excel in a single specialty and run a very low-cost center model to sustain in the future.
By 2022, healthcare industry revenue is forecast to grow at an annualized rate of 2.4%, to $29.1 billion. During this growth, technological advances will shift lower-acuity cases to outpatient settings. Among the key innovations is a single database architecture that allows Advantage to provide a solution that creates efficiencies across the entire ASC patient care workflow to maximize case profitability.
Outsourcing to the company for the customization features which can be included are EHR, patient registration, case scheduling, preference cards, lab/pathology integration, and inventory management. Adding Revenue Cycle Management services to handle billing for its clients can be beneficial.
Ambulatory Surgical Center Specialty Market
There are 3 dominant specialties in the ASC market: orthopedics, gastroenterology, and ophthalmology. Let’s the example of ASC centers focused on gastroenterology. As medical science advances and a greater number of newer procedures become eligible for insurance reimbursement, gastroenterologists must develop a deeper focus within the specialty.
In 2014, there are 26 new codes for gastroenterology suggesting newer ways to focus get reimbursed and build expertise. A group must focus on EUS, another on EGD or esophagostomy and so on. This method of divide and conquer would allow an ASC to be known as a leader in the field within their market and at the same time cover a wide range of procedures within the specialty. Ambulatory Surgical Center can further add plans that involve diet and exercise, virtual follow-ups for a monthly fee. This creates additional revenue streams based on a deeper understanding of patients and their conditions. It also engages patients and their families better and brings them back to the center on a regular basis.
Outsourcing activities or tasks in a controlled and methodical manner is clearly a way to bring costs of administrative tasks down. Identify tasks that are lower on the complexity scale and delegate and outsource them. When they don’t core to the business model (i.e., treating patients), tasks such as billing, coding, denial management, patient collections, accounting, credentialing, pre-authorizations and so on will tend to be distractions from the core focus of the surgery center. Medical billing companies centralize operations for a large number of providers, giving them benefits of scale – these cost savings are typically passed on to the center that could then pass them on to patients.
According to the ASC Value Driver Survey, 28% of ASCs experience stable volume, 29% reported growing volume and 32% are declining volume. In the same survey, respondents cited competition from other ASCs and hospitals as one of their biggest challenges. Clearly, it’s time to focus and cut costs to stay competitive.
Implementing all-in-one solutions for ASC with an expansive suite of intuitive analytics, reports, and dashboards can easily be utilized by staff at nearly every experience level. From a nurse administrator to an analytics guru, it engages users and takes the guesswork and intimidation out of business intelligence. The solution helps guide organizations to their most pressing issues and enables them to drill down for a comprehensive view. In an industry with continuously changing requirements, it provides surgery centers with the perspective necessary to make better business decisions and allocate resources to top priorities.
It can be beneficial in:
- Measure ambulatory surgery center key performance indicators (KPI)
- View comparative bench-marking to evaluate objectives and make informed business decisions
- Analyze receivables and cost-effectiveness
- Monitor medical staff performance
- Quickly and easily maintain compliance with required state, regional or regulatory reporting criteria
- Identify opportunities for facility growth and operational improvements
- Automate shareholder and board reports
Working with a next-gen outsourcing health care company; you can choose to include integrated ASC EHR and practice management solutions which are specially designed to support your practice.
FAQs
1. How can ASCs remain competitive given the high competition from hospitals and other ASCs?
- To stay competitive, ASCs can excel by focusing on a single specialty, managing low-cost operational models, and outsourcing non-core tasks like billing and coding. Streamlining operations through outsourcing helps ASCs reduce administrative costs, which can be passed on as savings to patients.
2. What are the dominant specialties in the ASC market, and how should ASCs approach them?
- The leading specialties in the ASC market include orthopedics, gastroenterology, and ophthalmology. Focusing on specific areas within these specialties—like EUS or EGD in gastroenterology—allows ASCs to build expertise and create a reputation as leaders within their field, making them more competitive and increasing revenue potential.
3. How can technological advancements impact ASC profitability and efficiency?
- Advances like single database architecture and integrated EHR systems optimize patient care workflows, enabling ASCs to handle cases more efficiently and increase profitability. All-in-one analytics and reporting tools help ASCs monitor KPIs, assess performance, and identify opportunities for growth and cost reductions.
4. What administrative tasks can ASCs outsource to improve operational efficiency?
- ASCs can outsource tasks like billing, coding, denial management, credentialing, pre-authorizations, and patient collections. By outsourcing these non-core activities, ASCs can focus more on patient care, reduce overhead, and improve revenue cycle management, ultimately benefiting their bottom line.
5. How does the use of comprehensive analytics and reporting solutions benefit ASCs?
- Utilizing advanced analytics and reporting solutions allows ASCs to track KPIs, compare benchmarks, evaluate receivables, and monitor staff performance. These tools simplify compliance and provide actionable insights, enabling ASCs to make informed decisions, streamline operations, and allocate resources effectively to support growth.
