Ambulatory surgery centers (ASCs) have had to weather multiple storms in recent years. First, when procedure volume dropped during the pandemic, many ASCs furloughed staff, including front-end and billing staff. Then, as demand for elective surgeries began to increase, these centers experienced staffing shortages as some furloughed staff memebers opted to not return to their previous positions.
The loss of these administrative healthcare workers exacted a heavy cost:
- Loss of institutional knowledge − Operational procedures and protocols that were not documented were lost as experienced billing professionals left or opted to not return.
- Less experienced staff − As experienced billing professionals left their positions; ASCs were forced to hire less experienced people. This resulted in more "revenue leakage" stemming from errors in patient information, filing and coding errors, increased claim denials, and more.
Monitoring Key Performance Indicators Is Crucial For Avoiding These Issues
Mark R. Jones, an RCM industry veteran who is president and CEO of EMRJ Consulting, provides actionable advice to identify revenue cycle issues earlier in the process and resolve them. Specifically, savvy ASC administrators should consistently track key performance indicators (KPIs) to discover where revenue is leaking in order to take appropriate action.
The top areas ASC administrators can review to identify revenue leakage include:
- Accounts Receivable (AR) Aging
- Denials Management
- Net Collection Percentage
- Day Sales Outstanding (DSO)
Automated AR Optimization Technology Can Take Over the Heavy Lifting
For experienced and less experienced administrators alike, automated AR optimization technology can provide the financial controls that can significantly improve financial performance of ambulatory surgery centers.
Automated AR Optimization Technology:
- Reduces front-end workload at ASCs
- Improves staff productivity
- Streamlines the patient information search process
- Verifies insurance faster
- Automates insurance verification, and more
For more recommendations from Mark R. Jones and to learn more about how automated AR optimization technology improves operations and financial performance, read the article in Becker's ASC Review: Technology Steps In To Fill the Revenue Cycle Skills Gap and Hit Key Performance Metrics.