1. Verify license and certification processes. Ms. Mowles says you should do this even if you think you know the rules. “You will waste huge amounts of time and money if you make errors in the regulatory process, and this is just the applications,” she says.
2. Contact top four payors with the most market presence. Before going into discussions with them, Ms. Mowles says you need to know your scope of services and the associated costs. “Ascertain the individual payor’s requirements in writing, i.e., license, certification and accreditation,” she says. “Is the plan still open? Are they going to bundle anesthesia, radiology and laboratory services?”
3. Budget properly. Here is a rough estimate for what you will want to budget for pain management equipment and supplies, according to Ms. Mowles:
- Minimum equipment cost = $110,000. “Verify parts availability if you are going for used equipment,” she says.
- Maximum equipment cost = $500,000. “Go over this at your own risk,” she says. “This would be top of the line brand new equipment. Do you need this?”
- Supply inventory: $15,000-$25,000 per month (assuming 20 procedures per day/five days a week)
4. Set up proper ownership and governance from the start. “Seek wise counsel,” Ms. Mowles says. “Keep it simple and realistic.”
Learn more about Mowles Medical Management.
Read more from Amy Mowles:
– 5 Truths and Misnomers About Pain Management in Surgery Centers
– Billing Best Practice: Do Your Research Before Negotiating With Payors
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.