Ambulatory surgery centers (ASCs) have been severely impacted by the COVID-19 pandemic and experienced a significant decrease in volume, especially after some states postponed elective procedures and imposed stay-at-home orders to decrease possible transmission.
The current environment has been made more challenging with slower reimbursement from payers, which has created cash flow issues for some centers. As centers are back up to 80-90% of total cases, proactive revenue cycle management and cash flow is more important than ever before.
The team at Regent RCM is working closely with its ASC partners to help them collect as much of their revenue as possible during this challenging time.
“ASCs want to collect everything they have available, and that means paying close attention to two buckets in particular,” said Erin Petrie, Regent RCM Vice President. “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.”
A new white paper, Proactive Cash Flow Management: Two Case Studies Highlight How Centers in New York and Delaware Improved Collections in Spite of the Pandemic, explores two instances where the effectiveness of a renewed focus on optimizing cash flow and managing revenue cycle has paid off for two ASCs in particular.