Ambulatory surgery centers (ASCs) have revolutionized outpatient care worldwide, offering a more convenient and specialized approach to hospital-based procedures. Despite their many advantages, ASCs face challenges in optimizing their revenue collection processes.
According to a research report by Bain & Co., the number of procedures conducted in outpatient surgery centers is projected to increase from 23 million in 2018 to 27 million by 2021. The report also states that half of all outpatient surgeries in 2017 were performed by ASCs. As the world is gradually recovering from the impact of the COVID-19 pandemic, these figures are likely to remain realistic or possibly even higher in the present day.
This blog explores five effective strategies to overcome these obstacles and ensure the financial stability of ambulatory surgery centers.
1. Maintain a Robust Collection Policy:
To avoid unnecessary losses and delays in revenue collection, ASCs must establish a comprehensive collection policy. This policy should cover the entire billing process, from patient discharge to complete payment. By consistently tracking payments and following up on outstanding bills, ASCs can minimize revenue leakages and maintain a healthy financial flow.
2. Simplify Billing Statements:
Complex and unclear billing statements can confuse patients, leading to delayed payments. ASCs can reduce their billing inquiries and also revise their billing documents to make them easy to understand, ensuring that patients are aware of the payment due dates. Clear communication and transparency in billing practices foster trust and encourage timely payments.
3. Utilize Address Service Requests:
Patients often relocate after receiving treatment, making it challenging for ASCs to locate and collect payments. To address this issue, surgery centers can utilize the “address service request” provided by the post office. This free service forwards billing statements to the patient’s new address, improving the chances of successful collection.
4. Implement an Aggressive Late Payment Policy:
ASCs should establish a firm stance on late payments to avoid recurring delays. A well-defined late payment policy outlines the steps to be taken when a payment is overdue, ensuring that the ASC pursues outstanding dues promptly. This proactive approach demonstrates the center’s commitment to maintaining financial stability.
5. Outsource Revenue Cycle Management (RCM) Services:
Accurate medical billing and coding are crucial for the efficient functioning of ASCs. To reduce administrative burdens and enhance collections, surgery centers can opt to outsource their revenue cycle management to specialized service providers like iTech Workshop. Our RCM experts possess in-depth knowledge of billing modalities and complex coding, leading to improved reimbursement rates and increased revenue for the ASCs.
Conclusion:
Ambulatory surgery centers play a pivotal role in delivering high-quality outpatient care. By implementing effective collection strategies, ASCs can overcome billing challenges and ensure financial sustainability. Emphasizing clear communication, utilizing address services, and outsourcing revenue cycle management will enable surgery centers to focus more on patient care while optimizing their collections for continued success in the ever-evolving healthcare landscape.
At iTech Workshop, we do offer ASCs comprehensive solutions for enhanced revenue cycle control and transparency. Our advanced analytics, actionable insights, and proven strategies maximize efficiency, profitability, and physician disbursements. Experience the transformation in your ASC’s financial performance by reaching out to us at 786-646-0099 or contactus@expedium.net. Let us be your trusted partner in achieving new heights of success.
