During the COVID-19 crisis, ambulatory surgery centers (ASCs) are pausing non-essential procedures in order to preserve resources for hospitals that are treating an influx of sick patients. In turn, this is leaving ASCs with a reduced or nonexistent case volume. We provide suggestions on how to use this downtime wisely so your center will be prepared to ramp back up as quickly and efficiently as possible.
Payers & Payer Contracts
You should be taking this time to become familiar with what your most common payers are doing now. Some payers may be waiving authorization processes, and some may be waiving certain costs for patients. It’s also important to create a payer fee schedule to reconcile payments as well as review contracts to make sure you have the right fee schedule in place. ASCs also need to establish timely follow up processes and remember – don’t accept what the payer pays the first time.
Continue to Work A/R
Regular monthly A/R reports should be run to streamline follow ups, and billing staff should follow up with every account listed. The gold standard for follow up is at least 95%. This results in improved collections and a decrease in A/R over 90 days. Running an audit can help identify gaps and leaks in the current revenue cycle. During an audit, you take a deeper look at your center’s appeal process which will help get to the root of the issue and correct it. Download our guide, 3 Revenue Cycle Audits that will Improve Collections & Lower Days in A/R, to get started.
Conduct a Self-Audit
Now may also be an opportune time to conduct a self-audit to ensure you’re collecting every dollar you are entitled to. As ongoing consolidation among healthcare payers squeezes surgery center reimbursements, periodic business office audits can be key to identifying a center’s financial stress points, strengths, and opportunities. We’ve published a guide to help you get started. Click here to download your copy or contact us if we can help.