Investigations in recent years prove that Ambulatory Surgical Centres (ASCs) remain to grow, with statistics revealing many ASCs see growth in case volume. However, while ASCs are a popular choice, underperform failures disappoint to bring in significant profits face closing. As ASCs provide competition for local clinics, hospitals are also a threat to the success of ASCs. Both ASCs in economic crisis and those struggling to avoid financial problems need to find the best strategies to improve ASC profitability. The resulting cost reduction strategies offer ASCs a quick way to enjoy more significant profits, improving their overall probability of success.
#1 Accurately Manage Supplies
Carefully managing supplies is one of the essential practice management strategies for Ambulatory Surgical Centres can use to decrease costs and improve overall profits. ASC Review notes that supplies represent one of the highest expenses for ASCs. However, it is likely to control these costs if they are observed. In addition, ASCs should execute software applications for inventory supervision and hire an excellent materials manager to operate with the digital materials management program. Finally, checking inventory, co-signing on supplies when possible, and ordering large numbers of certain drugs when available for low prices offer ASCs excellent ways to reduce unneeded expenditures on supplies.
#2 Regularly Review Case Costing
We regularly review case costing, which offers another approach ASCs can use to reduce costs and increase ASC profitability. ASCs need to follow every procedure cost while looking at the amount of time spent in operating rooms. Investigating cases and studying at the time spent in the operating room can help ASCs find the best ways to lower costs to increase overall revenue. Get ASC surgeons included in these inspections, support them to look at case costs, and ask them to find the best opportunities to lower costs.
#3 Update Training for Billing and Collections Staff
Unfortunately, many ASCs serve to tighten the funds on the medical billing and collections department first. Still, billing, accounts receivable, coding, and collections will make it more challenging to reduce costs and increase profits. Be compliant to invest money to regularly update training for members of your billing and collections staff, assuring that these staff members have the training needed to successfully collect on patient invoices, decreasing the money lost by the ASC.
#4 Use Benchmarking to Gain Profit and Performance
Your ASC should use benchmarking to increase profits and performance. Relating your ASC to others can help you grow. Benchmarking can assist you in finding out where you are performing well and make changes in performance, quality, and profit. Should also benchmark economic statistics and payroll. Performing will help you discover ways to diminish costs and find resolutions that help you improve your ASC profitability.
#5 Hiring Physicians
Recruiting new practitioners may not instantly seem like a way to improve ASC profits. However, inducing physicians with important specialties like the spine and orthopedic specialties can improve ASC growth and increase profits. The dilemma is that hiring new physicians is difficult since the number of hospital-employed physicians continues to grow. Concentrating on a regular recruitment process that brings in crucial physician talent offers your ASC many advantages.
While ASCs are growing, many find themselves in narrow positions as they struggle with local hospitals for business. However, by executing these strategies quickly, you should begin seeing your ASC profitability increase.
The primary and crucial part of medical billing is choosing the right outsourcing partner. With providers like 24/7 Medical Billing Services, they ensure comprehensive compliance with HIPAA and all necessary controls. Get in touch with our experts on +1 888-502-0537, thus ensuring you gain top-quality billing services.