Uncovering Hidden Revenue Options in Your ASC
ASC executives have reported concerns regarding growing business costs and relatively static reimbursements. CMS’s recent removal of covered procedures may be partially responsible for this discrepancy. This change has disrupted the monetary stability of many surgical centers.
While adaptable ASCs will maintain viable returns, stagnant providers may find their revenue disappearing. So, practices should invest resources into implementing long-lasting financial solutions.
Here are some revenue options hidden in your ASC.
AR Clean up
This will give way to find more money to review any outstanding A.R. Follow up on unpaid claims and further follow up on denied claims. This practice allows to re-bill any not received claims at insurance end and appealing denied claims for further re-imbursement.
Cross Trained Staff
Cross-training involves taking medical staff from one work sector and instructing them in another. This process achieves several key goals:
- Workers can fill in critical roles in case of absences.
- Colleagues grasp how poor communication hampers the ASC’s workflow.
- Employees can ask realistic, specific requests from other sectors.
- Staff learns the difficulties of different tasks and how to mitigate them on their end.
Automatic notifications help reduce long-lasting accounts receivable. These systems identify high-risk consumers failing to pay and send them a reminder. Automating A/R management significantly reduces staff’s time and effort expenditure.
Additionally, advanced software sends repeat consumers reminders for upcoming appointments. This process reduces patient no-shows and late arrivals, increasing providers’ time efficiency.
Payment Data Analysis
Modern healthcare competition forces practices to invest in technologically generated data. Systems such as 360 analytics generate actionable statistics based on patient information. Providers can review these details to determine which invoicing approaches work best for individuals.
Point of Service Charges
Experts estimate that charging patients at the point of service (POS) nets 40% higher returns than waiting until they leave. Requesting payment upfront may frustrate some consumers. However, doing so eliminates several negatives attached to post POS invoicing:
- Patients skip the arduous, stressful period of being hounded for payment.
- Billers have extra time to secure maximum returns from insurers.
- Practices avoid portal transaction fees or physical mail costs.
Studies reveal that patients with high out-of-pocket costs generate poor returns. Consumers with over a $5,000 balance had collection rates four times lower than small accounts.
To avoid high balances, coders must consistently secure substantial payments from insurers. Specialization helps achieve this goal by maximizing the quality each worker can produce.
Practices should segment internal audits to focus on specific features. For example, auditors could review Medicaid code adherence one week, then switch to insurer deadline compliance the next. Concentrating on one area at a time helps reduce distracting ancillary details.
Plutus Health has mastered specialization and expertise in ASC Billing. Our talented team members excel at securing maximum returns from both patients and insurers. If building an elite billing workforce daunts you, we offer a financially efficient alternative. Connect with a representative for an in-depth look at your RCM prospects.
- Cross-training boosts staff communication between sectors.
- Software-driven notifications automatically target consumers who need reminders.
- Data analysis empowers providers to make strategic adjustments.
- Point-of-service charges increase returns and eliminate certain inefficiencies.
- Specialized coders and auditors reduce the billing errors and helps for accurate billing.
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