Raghu Reddy, chief administrative officer at SurgCenter of Western Maryland in Cumberland, connected with Becker's to discuss seven tips to lead ASCs to success.
Mr. Reddy answered the question: "What trend should ASCs jump on next to be successful?"
Editor's note: Responses were edited lightly for clarity and brevity.
Raghu Reddy:
1. Cardiovascular procedures are making huge inroads, with CMS approving more CPTs for ASCs and hybrid office-based lab and ASC models becoming popular to maximize reimbursement based on the site of service.
2. Adopt and invest in technology such as electronic medical records to deliver efficient care, optimize performance, and leverage analytics for business insights and decision making.
3. Focus on industry benchmarking in all areas to see how your ASC compares, and add new service lines and ancillary services as appropriate and permissible.
4. Prepare for different payment models such as bundled payments or payments based on the [Consumer Assessment of Healthcare Providers and Systems Outpatient and Ambulatory Surgery Survey] or value-based care, etc., and even more aggressive cost management.
5. If your center performs total joint replacements and spine procedures, obtain advanced total joint replacement and spine accreditation to increase reimbursement negotiations and to demonstrate your expertise. Add robotics if it makes sense in your market, but currently, there may not be a separate reimbursement for using this technology.
6. Focus on growth by adding physicians, retaining staff, and creating joint ventures as appropriate to mitigate local marketplace politics. [This increases] negotiating and purchasing power and positions for success in the long run. Experienced consultants can guide how to create a successful and win-win joint venture. Seek counsel.
7. Be prepared for artificial intelligence to change the way we deliver care in all areas, including revenue cycle management.