Data analytics can provide ASCs with new visibility and transparency into their business operations — so they can spot new opportunities to cut waste, find real savings and adopt new best practices to improve performance.
Your surgery center can immediately tap one source of data for savings opportunities: Every Electronic Health Record (EHR) and Practice Management (PM) system offers a set of standard reports. Locked inside is a substantial amount of data that can lead to real savings.
Start by reviewing your procedure volume report — by CPT code — to identify the highest volume procedures. Then look for five potential opportunities to save within each one. The three savings opportunities are:
- Check your reimbursements by procedure: The goal is to identify CPT codes that are losing money. To do this, first identify your supply costs for each procedure. Next, compare charge reports to actual reimbursements.
- Reveal the highest-cost supplies: Your best opportunity to maximize cost savings right away is with those supplies that cost the most. First, identify them by CPT code. (Examples include implants, hood and laparoscopic supplies.) Once identified, you can standardize these products and decrease your SKU count. Or, you can seek to replace your highest-cost supplies altogether with lower-cost, clinically acceptable alternatives that surgeons and nurses will embrace.
- Compare physician performance: What best practices are individual physicians following that would benefit your entire physician group? To find out, start by comparing the length of procedures between physicians. Use EHR data to see who is more efficient for each procedure — or discover who is more cost-effective, without impacting the quality of care.
Data analytics can be a cornerstone of your efforts to control costs, improve efficiency and support quality outcomes. A proven way to take advantage of this strategy is to tap into the standard reports already generated by your EHR and PM system. Inside you should find significant savings opportunities right away. Check out more ways to improve your surgery center by visiting cardinalhealth.com/surgerycenters.