Looking back on 2019, it’s clear that managing growth and profitability is a key challenge facing ambulatory surgery centers (ASCs). The Regent Revenue Cycle Management (Regent RCM) team kept ASC leaders on top of the trends throughout the year with blog posts and white papers developed to inform and educate. Following are links to the articles that proved to be this year’s greatest hits:
How ASC Revenue Cycle Benchmarks Are Transforming Center Performance: An Update on Regent RCM’s Exclusive Metrics
The Regent RCM ASC Revenue Cycle Benchmarks are a critical measurement tool to help surgery centers accurately measure revenue cycle health and ultimately, account for every dollar they are entitled to. In this white paper updating the benchmarks introduced in 2017, Regent RCM Vice President of Revenue Cycle Management Erin Petrie says:
“Having the tools and intel to gauge performance across all functions of the revenue cycle has been a game changer for center leadership. Implementing benchmarks gives you a baseline to understand what process changes you need to make to get to your goal.”
Click here to continue reading about Regent Benchmarks.
Debunking Three Myths Related to ASC Upfront Financial Counseling & Collections
A second Regent RCM white paper explores the trend toward upfront patient counseling and collections. In response to climbing health insurance deductibles and co-pays that push a larger portion of the cost of surgery from insurers to patients, leading centers are responding with robust financial pre-registration processes to maintain efficiency and profitability. And, patients and physicians’ offices alike are supporting these proactive steps. Says Petrie:
“Taking this step helps ensure transparency about out-of-pocket expense, so costs can be estimated, explained, and ideally, collected in advance of services being rendered. It makes patients more comfortable about their financial commitment and reduces our risk on the backend.”
Click here to continue reading about Three Myths.
New Case Study: A/R Follow-Up Increases Collections in Ft. Myers
In addition to providing profitability management help on the front end, Regent RCM’s benchmarks help ASCs with Accounts Receivable (A/R) as well. One 2019 case study features the efforts of The Center for Specialized Surgery in Ft. Myers (TCSSFM), Florida, to implement the A/R Follow-Up benchmark. The blog outlines steps TCSSFM has taken to achieve an amazing result: increasing collections by $125,000 per month in the past year. While center growth and more high reimbursement procedures contributed as well, efforts to follow up with payers on at least 95% of claims every month have been a big part of that success. Click here to read the full blog.
Adding a Specialty? Make Sure Contracts Support Profitable Reimbursement
As ambulatory surgery centers change and grow, they add new specialties, creating another challenge to profitability: making sure contracts keep up with the changes. In another well-received blog post, Regent RCM’s Vice President of Managed Care Andrea Woodell says centers should analyze their contracts to evaluate how new specialty cases will be reimbursed when evaluating the addition of new lines of business. For example, she says, “If you’re locked into 2-3-year contracts with your top three payers and you’re adding a new specialty that is not reimbursed, adding that specialty is not a profitable option until the contracts can be renegotiated.” Click here to read the full blog.
Want to learn more about optimizing your center’s revenue cycle management? The Regent RCM News & Insights page will continue to report on trends, success stories and new developments in 2020.