A few examples are as follows:
- No adjustments are made to relieve staff or adjust hours.
- Supply inventory par levels are not decreased.
- Attempts to replace the departing physician do not take place.
- Service contracts tied to case volume are not reviewed or amended.
- Marketing budgets are not fine-tuned.
All of these oversights maintain the expenses, yet the revenues are significantly reduced which leads to a perfect storm of business disaster. I have seen this set of circumstances several times with the end results ranging from barely breaking even to bankruptcy.
With the proper contingency plan or corporate partner in place, the risk can be significantly minimized.
Learn more about Interventional Management Services.
Read more from and about Interventional Management Services:
– Physician Leader in the ASC Industry: Dr. Robin Fowler of Interventional Management Services
– Kenny Spitler Joins Interventional Management Services as CDO, Outlines 2011 Objectives
– 56 ASC Management and Development Companies to Watch in 2011
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.