A Case Study on Ambulatory Surgical Center – What stopped the ASC’s revenue growth
One of our Ambulatory Surgery Center clients has been open for approximately 10 years. The accounts receivables (A/R) had increased notably over the 2 years of the period — from almost $1.2 million to nearly $2.4 million, an increase of more than 100%. A/R days had increased from 35 to 85 days.
There were more than 2,400 accounts outstanding. This is almost double of accounts any center could expect with the case volume. Some of the increase in outstanding accounts was due to issues with payers that switched to the modern EAPG i.e. Enhanced Ambulatory Patient Grouping (EAPG) System.
When the first time this client approached us, we started by identifying the challenges faced by this center.
Understanding ASC Billing Challenges
With medical facilities around the world are advancing, the United States now has almost the same number of Ambulatory Surgical Centers as there are Hospitals. Although the number of outpatient surgeries is getting popular, physicians, coders, and insurance companies need to keep pace with their daily proceedings with changing norms of Health care reforms. Insurance plays an important role in outpatient procedures as they play generally, but they are normally faster to act and the costs connected with the procedures are lower. An ASC is at risk when claim denials and lesser reimbursements are observed.
An insight into the ASC billing challenges helped us maintain a smooth workflow, which ultimately helps in avoiding the occurrence of issues pertaining to receiving complete reimbursement.
Our client, the specialty ambulatory surgery center was struggling to maintain a steady revenue stream. 24/7 Medical Billing Services was engaged to provide a revenue cycle evaluation and recommendations.
24/7 Medical Billing Services Involvement
The study of the business office functions gave us insights on:
- Lower than the normal fee schedule
- Few managed care contracts
- Currently managed care contracts with poor terms
- Inexperienced revenue cycle team
- Insufficient insurance verification
- Inaccurate coding
- Insufficient financial policies
24/7 Medical Billing Services Difference
The ASC client’s governing body engaged us to provide revenue cycle management. Within a few months after onboarding, 24/7 Medical Billing Services accomplished the following:
- Revised fee schedule to plan current fees popular in the area and established a minimum fee
- Helped in reviewing and renegotiating planned care contracts for better rates
- Helped in negotiating additional managed care contracts
- Offered client with business office policies and procedures, including financial policies
- Offered help in forms, tools, and education to scheduling, insurance verification as well as patient financial counselling personnel
- Provided compliance policies and procedures
- Increased revenue along with decreasing days in accounts receivable (A/R)through 24/7 Medical Billing Services optimized coding and efficient revenue cycle management.
Why is 24/7 Medical Billing Services the Best Choice for ASC Billing?
24/7 Medical Billing Services takes pride in our team of billing experts. Our team of experts is well-versed in revenue challenges faced by ASCs. Our expertise in ASC billing helps us offer top quality services in the industry. Our ASC-specialized coders with certified professionals from the AAPC (American Association of Professional Coders) ensure error-free application of codes for maximum revenue. 24/7 Medical Billing Services has well-trained AR callers who work energetically to acquire maximum payments from insurance companies. Our best-in-class customer services help us ensure high standards of client satisfaction.
24/7 Medical Billing Services Helping ASCs Save More and Spend Less
ASCs prefer our end-to-end medical billing services and RCM solutions to make sure they enjoy a steady flow of income, simplify revenue cycle, and enhanced workflow. Our billing experts bring our clients maximum revenue for rendered services, letting them invest in the latest equipment, tools, and systems for procedures. 24/7 Medical Billing Services comprehensive billing and coding solutions help ASCs reduce the impact of an aging population on the demand for surgical procedures.
Get in touch with our team to get a comprehensive solution for your Ambulatory Surgical Center.