What you should know:
1. Between collaborating with nearby health systems, adding cardiac and wound care services lines and growing existing specialties, Niagara Falls Memorial saw its outpatient revenues increase from $26 million a decade ago to $54 million today.
2. The outpatient-focused moves follow the industry consensus, reflected by the hospital’s falling inpatient admissions. Ten years ago, the hospital saw admissions around 75 percent; today inpatient makes up only 40 percent of its revenue.
3. “Within our surgical profile, probably close to 75 percent to 80 percent of what we do in surgery is now done outpatient or one-day stays,” Niagara Falls Memorial CEO Joseph Ruffolo said.
4. Despite the changing surgical profiles, the new customers help the hospital offset costs lost by CMS’ changing reimbursement rates.
5. Mr. Ruffalo said, “If it weren’t for the transformation to focus more and more heavily on outpatient care, we probably wouldn’t be here today.”
More articles on transactions/valuation:
AAAHC names CSA Surgical Center as finalist for quality award — 4 insights
What CMS’ site-neutral policies mean for surgery center M&A — 3 insights
4 questions ASCs should ask before buying surgical supplies
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.