Genascis CEO Ed Gallo is responsible for the company's roll-out of a single-source revenue cycle solution for ASCs, an initiative that Genascis says significantly reduces frustration with the revenue cycle and facilitates faster compensation for ASCs.
In a 2009 interview with Becker's ASC Review, Mr. Gallo — a leader with more than 25 years of experience on the financial and management side of healthcare — discussed ways ASCs can improve cash flow and collections. He said ASCs frequently make the mistake of focusing on areas they can't control instead of those that could benefit from their time and energy. He gave the example of spending time on a case, a factor that can be influenced relatively easily and yet is often overlooked.
"This includes not only surgical time, but also, how long does it take to complete a transcription, are operation reports appropriate and how much time does it take to complete paperwork," he said. "The faster a physician completes his transcription, the faster it can go to coding and billing, allowing the surgery center to receive a prompt payment."
He said collections are another area where ASCs can generally make more money with some additional effort. He said the administrator should first examine whether the center is identifying the appropriate financial responsibility for the patient. "I think centers should be proactive in obtaining insurance information and working with patients before surgery rather than waiting until after surgery," he said. "It becomes more difficult to collect after the surgery has been performed."
He added that though centers could probably be more aggressive about collecting payments up-front, patient bad debt has not escalated as much as expected over the last few years. Even so, the trend may not last forever. "We have been advising centers to reconsider their processes," he said. "Many may seem to be tried and true, but they may not work in this changing, challenging environment."
Read more on notable surgery center leaders:
-ASC Leader to Know: Tom Jacobs, President of MedHQ
-ASC Leader to Know: Tom Yerden, CEO of TRY Health Care Solutions
In a 2009 interview with Becker's ASC Review, Mr. Gallo — a leader with more than 25 years of experience on the financial and management side of healthcare — discussed ways ASCs can improve cash flow and collections. He said ASCs frequently make the mistake of focusing on areas they can't control instead of those that could benefit from their time and energy. He gave the example of spending time on a case, a factor that can be influenced relatively easily and yet is often overlooked.
"This includes not only surgical time, but also, how long does it take to complete a transcription, are operation reports appropriate and how much time does it take to complete paperwork," he said. "The faster a physician completes his transcription, the faster it can go to coding and billing, allowing the surgery center to receive a prompt payment."
He said collections are another area where ASCs can generally make more money with some additional effort. He said the administrator should first examine whether the center is identifying the appropriate financial responsibility for the patient. "I think centers should be proactive in obtaining insurance information and working with patients before surgery rather than waiting until after surgery," he said. "It becomes more difficult to collect after the surgery has been performed."
He added that though centers could probably be more aggressive about collecting payments up-front, patient bad debt has not escalated as much as expected over the last few years. Even so, the trend may not last forever. "We have been advising centers to reconsider their processes," he said. "Many may seem to be tried and true, but they may not work in this changing, challenging environment."
Read more on notable surgery center leaders:
-ASC Leader to Know: Tom Jacobs, President of MedHQ
-ASC Leader to Know: Tom Yerden, CEO of TRY Health Care Solutions