Ideas for Enhancing Revenue at Surgery Centers
In some markets, small centers are merging while others are partnering with local hospitals to overcome these challenges. Ms. Peterson gave several other suggestions for improving profitability, including:
• Be flexible with new processes for patient flow, staff utilization, equipment management and collections;
• Add high volume procedures to the ASC, or adopt new procedures that are compatible with the equipment and physicians you already have in GI, pulmonary medicine, spine surgery, vascular and cardiovascular care and lap band surgery;
• Rent out your center to others in the community on a per month or per day basis;
• Work with a group purchasing organization;
• Hire marketing staff, which can increase patient referrals 30 percent to 50 percent;
• Apply information technology to cover all areas of the ASC.
"Embrace change and figure out how to increase revenue and decrease costs to respond to environmental needs and build your ASC business," said Ms. Peterson. "Turn negatives into positives."
One of those changes includes electronic medical record implementation. During the second portion of the presentation, Ms. Peterson discussed how EMRs can streamline work flow, reduce re-work and eliminate dictation and transcription. She demonstrated how the interface for the ProVation MD electronic documentation systemallows physicians to record procedures easily, and translates each report into the billing and coding language.
Surgery centers can also use the system to build a relationship with referring physicians. Physicians can electronically send reports, complete with diagrams and patient images, to the referring physicians. The same images can be printed for patients or stored in physician records. "It truly is a way to market the technology and sophistication of the surgery center," Ms. Peterson says.
Finally, Ms. Peterson discussed increasing revenue through efforts on the billing and accounts receivable side. She encourages ASCs to:
• Collect co-pays and deductibles upfront;
• Take credit cards;
• Accept payment plans;
• Contact patients about financial responsibility before the visit;
• Have readily available applications for reduced and free care.
Learn more about Executive Solutions and ProVation Medical.
Download a copy of the presentation here.
Download an audio recording of the presentation here.
More Articles on Surgery Centers:
Physician Recruitment Timeline: 10 Steps for Bringing a New Physician to Your Surgery Center
How the ASC Industry Can Succeed in the Future: Q&A With ASCOA CEO Luke Lambert
10 States With More Surgery Centers Than Hospitals
© Copyright ASC COMMUNICATIONS 2016. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.
To receive the latest hospital and health system business and legal news and analysis from Becker's Hospital Review, sign-up for the free Becker's Hospital Review E-weekly by clicking here.
- Anesthesia Business Consultants launches MACRA guidance platform: 3 notes
- IBD patients report high annual salary, educational attainment: 4 study insights
- Clinton, Trump talk Medicare plans during 3rd presidential debate — 6 highlights
- 38 ASC management & development companies to watch — 2017
- 4 things to know about Boston Scientific's improved Resolution Clip device