The company shared four ways ASCs can fail and how administrators can plan for success.
Here are the key takeaways:
1. Contracts – If ASC administrators don’t properly manage their contracts, negotiations with payers can be more difficult. Integrating CMS changes into multi-year contracts and updated procedures are two ways administrators can negotiate contracts more efficiently.
2. Rising costs – Losing money through unprofitable cases and poor supply chain management are two challenges that can inhibit an ASC’s success. Investing in electronic inventory management systems is one way ASC administrators can keep better track of costs.
3. Lack of high reimbursement cases – Adding profitable procedures such as total joint replacements and outpatient spine surgeries can help an ASC raise revenues.
4. Revenue cycle management – Not properly managing an ASC’s revenue cycle can affect the center’s profitability. Optimizing reimbursement and understanding Medicare and Medicaid payment bundling can help ASC administrators take control of their center’s reimbursements.
More articles on turnarounds:
5 marketing strategies ASCs should know
Hurricane Florence forces temporary ASC closures
4 key aspects of successfully opening an ASC
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.