Conducting a revenue cycle audit can help ambulatory surgery center (ASC) administrators evaluate operations and identify their centers’ financial stress points, strengths, and opportunities. To facilitate the process, the experts at Regent Revenue Cycle Management have developed a free guide, “How to Self-Audit and Improve your ASC’s Financial Health” to help ASCs take an in-depth look at key revenue cycle functions, ensuring their ASC stays within compliance while producing maximum revenue.
“Conducting a self-audit is the fastest way for centers to get on track and stay on track,” says Erin Petrie, Director of Revenue Cycle Management at Regent RCM. “A routine audit gives your center the mechanism it needs to ask and answer the questions that lead to stronger financial health.”
To conduct a self-audit, ASC administrators should examine four areas affecting the financial function of an ASC: reimbursement, coding and billing, staffing, and observation (workflow and process). The Guide provides tips and examples to help bring substantial benefits associated with surfacing potential issues, correcting them, and creating new strategies and processes to prevent their recurrence.
In addition, to bring clarity to surgery center billing, Regent RCM’s Petrie suggests centers monitor ASC-specific benchmarks such as accounts receivable days, net collection rate, statement lag and charge lag, for information to trigger a new audit.
“When you notice negative changes in important benchmarks, a business office audit can be the best course of action,” Petrie contends. “A full business office audit examines both quantitatively and qualitatively all components of the revenue cycle process to determine strengths and weaknesses.”
Click here to download the guide, or if the audit process is more than your center can support on its own, contact us to learn how a no-cost business audit can be a good first step to evaluating center performance.