3) Utilize proven practice management and revenue cycle software. Good software systems reduce human error by providing automated entries, reduce the need for duplicative data entry, and help support a faster revenue cycle with fewer rejected claims. The use of a revenue cycle management system can help avoid confusion on the side of patient billing by ensuring correct, timely collection of payments.
4) Cost-compare for surgical devices and implants. A business savvy ASC will review lowest-cost, best-fit medical devices and implants to lower actual procedure costs. Careful inventory management will also prevent cases from being cancelled last minute due to external issues, such as an implant not being shipped in time. As ASCs move from “fee for service” payment models towards value-based payments that are increasingly common among Medicare and private payers, careful attention will be warranted to reduce unnecessary expenses such as overpriced medical supplies.
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5) Analyze data to identify and act on trends. With the right practice management software, you can turn a deluge of information into actionable intelligence. Looking at trends in case cancellations can bring to light necessary business changes that ultimately help the bottom line and avoid patient and staff frustration. Reviewing health outcome trends can also provide insights for pre- or post-op activities tailored to specific patient health portfolios. Without data to inform decision making, ASCs will be in the dark when it comes to easy adjustments that can save time, energy, and money in the long run.
Making better business decisions is more manageable with well-designed software systems tailored for the unique ASC setting. With the right tools and programs in place, ASC Administrators can dramatically improve their bottom line, while at the same time improving patient outcomes and satisfaction.
Michael Nolan is chief operating officer for HST Pathways, a leading national provider of cloud-based technology for ambulatory surgery centers.
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