In today’s economy, creating a profitable business is not always an easy task. Ambulatory Surgical Centers are not impervious to the challenges that many businesses face. In order for ASC’s to succeed they need to be continually working on improving their business. There are three important founding principles that will help create a profitable ASC.
- Financial Stability: Maintaining financial stability is easier said than done; it’s never something that can be permanently checked off of your list. It contains many processes that require active involvement. Start by creating a detailed budget for your ASC. Review your budget frequently and cut costs whenever possible. Do some research to discover the best prices for the supplies needed, and take advantage of sales your supply companies’ offer.
An important aspect of maintaining financial stability is reviewing where your revenue is coming from. Most of the income Ambulatory Surgical Centers produce is from insurance companies; because of this it is imperative that your company maximizes the benefits of medical coding. Expert medical coding is a requirement for a successful ASC. It can be dangerous for ASC’s to hire their own medical coders, because surgery centers have a distinct set of codes that vary from that of a typical hospital environment. Medical coders without this important knowledge will decrease reimbursement from insurance companies, increase claim denials, and may even send auditors knocking on your door to investigate your surgery center. Outsourcing medical coding removes these dangers from your ASC, and would likely improve insurance reimbursement rates. Outsourcing your medical coding would increase financial stability for your Ambulatory Surgical Center by decreasing the instability employees bring to the company, and it would save your company from having to payout multiple salaries/cost of benefits.
- Continual Growth: It is vital for the success of Ambulatory Surgical Centers to continue to seek out opportunities for growth. If your ASC has not made itself available for new opportunities your ASC is likely to have a decline in performance. There are several ways an ASC can grow and each can be a possible opportunity for your Surgery Center. Seek to add more surgery procedures, more physicians to perform those procedures, and add new specialties. Adding new specialties will in turn bring in more surgeries and physicians. Developing effective marketing strategies (http://www.healthcaresuccess.com/blog/healthcare-marketing/creating-an-effective-asc-marketing-plan-for-growth-and-success.html) is a great way to attract these cases to your ASC.
Better opportunities for growth might come from various partnerships. It might be beneficial to merge with another ASC or to partner with a hospital. Whatever partnership you decide to make, it is essential that it is in the best interest of your ASC.
- Patient Centered Care: In order for an ASC to be successful, patient care must be taken seriously. Every interaction a patient makes should be a good experience whether it be on the phone, via email, or in person. The patient should always be the priority. Each patient can recognize if they are being well taken care of, and their positive experience will effect the ASC’s satisfaction ratings which can impact the number of cases and physicians your center will have.
There is no denying the importance of these three principles. Each one is important and they are all stronger when implemented together.