As 2020 proved to be challenging, the team at Regent Revenue Cycle Management (Regent RCM) helped its clients stay focused on revenue cycle even during the shutdown. It is clear that managing growth and profitability is a key challenge continuing to face Ambulatory Surgery Centers (ASCs) and their leaders. Following are links to the articles that proved to be this year’s greatest hits.
Making the Most of Downtime in order to Reopen Stronger Than Ever
During the height of the COVID-19 crisis, ASCs paused non-essential procedures in order to preserve resources for hospitals that were treating an influx of sick patients. In turn, this left ASCs with a reduced or nonexistent case volume. Regent RCM provided suggestions on how to use the downtime to be ready to ramp back up as quickly and efficiently as possible: Payers & Payer Contracts, Continuing to Work A/R, and Conduct a Self-Audit. Click here to learn more.
White Paper: Proactive Cash Flow Management
This year was made more challenging with slower reimbursement from payers, which created cash flow issues for some centers. As centers ramped back up to 80-90% of total cases, proactive revenue cycle management and cash flow became more important than ever before.
Regent RCM Vice President Erin Petrie said, “ASCs want to collect everything they have available, and that means paying close attention to two buckets in particular. We look at all aging accounts receivable and on any new cases, we work with centers to maximize what they are collecting upfront from patients.”
Download the white paper and read two center case studies that highlight the effectiveness of a renewed focus on optimizing cash flow and managing revenue cycle.
5 Ways to Optimize Your ASC’s Revenue Cycle
As ASCs continue to navigate ongoing challenges such as rising healthcare costs and complex insurance environments, it is critical that you take a more proactive approach to managing your center’s profitability and cash flow. We shared five strategies to optimize your ASC’s revenue cycle management:
- Triple-check insurance eligibility
- Communicate with your billing and coding team
- Monitor your AR
- Capture all charges
- Measure key numbers
When you improve your billing and collections processes, you get paid quickly and accurately, strengthening the overall financial health of your center. Read more here.
Learn more about optimizing your center’s revenue cycle management by visiting the Regent RCM News & Insights page.