Grappling with the financial aspects of ASC management is not to be taken lightly — however, there are a few essential approaches that should be part of any financial management strategy.
It's the goal of all businesses to be sustainably profitable regardless of market conditions, and there are a number of tactics that are key to consider, according to two physician leaders in the ASC sector.
Manage operational costs
"One effective strategy is to focus on specialties that are associated with lower surgical expenses, allowing for a more efficient allocation of resources," Shakeel Ahmed, MD, CEO of St. Louis-based Atlas Surgical Group, recently told Becker's. "This approach not only enhances financial efficiency but also positions your business competitively within the market."
Balance cost-savings with care quality
"Staffing is one area where compromises can have significant negative impacts on both patient outcomes and business reputation," Dr. Ahmed said. "Prioritizing both cost management in service offerings and excellence in staffing is key to a robust and thriving operation."
However, Daniel Chan, MD, medical director of orthopedic trauma at Memorial Healthcare and medical director of joint replacement at Cypress Creek Outpatient Surgical Center in Fort Lauderdale, Fla., told Becker's there is one additional factor that has the potential to make or break an ASC.
Partnering with a compatible company, if applicable
"The management partner will dictate the culture of the ASC, drive physician engagement and recruitment, facilitate marketing efforts, help procure favorable insurance and vendor contracts, and maximize operational efficiencies," Dr. Chan said.