Even if an ASC is performing well, there can still be room for revenue cycle improvement, according to ASC software developer Surgical Information Systems.
It offered these three tips:
1. Follow a business plan. Business plans should include a three- to five-year outlook as well as information on industry trends, payers and potential risks.
2. Stick to a budget. Budgets are key for an ASC to stay on track financially. A detailed budget should be reviewed and updated regularly.
3. Use financial statements. Analyzing ASC financial statements can provide insight on how efficiently the ASC is running and areas for improvement.