Revenue Cycle Management Learning Moment-Identifying Growth Opportunities

Identifying Growth Opportunities

Video Transcription

Thanks for joining us on this sunny Saturday afternoon, really appreciate your time. I will try to be as efficient as possible here of getting through in a timely fashion.  Definitely welcome an open discussion too, so any sort of comments, questions, I definitely  want to again keep this kind of an open collaborative conversation as well as we move through.  Your printed program might say not her Sammy, not her Sammy is our CEO, I'm not not her Sammy, he had a scheduling conflict, so I'm jumping in, so I promise you are in good hands  and happy to help with any questions throughout. So I'm just going to jump ahead here, today we're going to be going over optimizing ASC's  top revenue metrics, going over some KPIs, some KPI structuring, and just quick show of hands, who currently has an ambulatory surgery center?  All right, great, awesome, and then anyone who hasn't raised their hands, thinking about it maybe, and understanding kind of what makes sense for optimizing growth in an ASC setting  is what we'll be discussing today. So we're going to talk about the current ASC industry landscape, where we're at now, where  it looks like it's heading, fastest growing orthopedic procedures, KPI overview, and some KPI structuring that will help better grow an ASC setting, and then we'll wrap it up  with a case study. So the ASC industry, where we're at right now. So I don't think it's any surprise to anybody in this room that volume is rapidly shifting  from the higher cost setting to the ASC setting, so the lower cost setting, with ASC's seeing a 7% increase in orthopedic procedures, as inpatient hospitals seeing an 18% decline  lately. Orthopedics case growth, and orthopedics is the fastest growing specialty in ASCs, with an anticipation of 60% of orthopedic procedures actually being performed in ASCs  by the end of year 2025. This shift benefits both patients and payers, and I promise you, the payers know that.  And that's due to better outcomes, most importantly, lower cost, while maintaining, of course, and improving quality of care. And it's really a three-way win, right?  It's beneficial for the payer, the patient, and the provider, giving the provider more flexibility, more choice, and ultimately, if there's any sort of physician ownership,  more money in their pockets as well. This is just an example of some of the most frequent, highest reimbursing, and fastest  growing cases that we're seeing in orthopedics that are migrating from the inpatient hospital setting to the ASC setting.  We included just the primary procedure codes here, the description, the national Medicare reimbursement rates, along with the average commercial case rates that we're seeing.  And again, so it's, I think there's been a lot of buzz over the past few years with total joints, right, and those case migrations, but there are plenty of other orthopedic service  lines that we are seeing migrate over as well. So it's understanding your procedure mix, what makes sense to migrate over, and this  is going to lead into the next slide where we're going to spend some time on talking about managed care contracting, things to keep in mind when you're looking at expanding  your orthopedic service line in the ASC setting, and how to really analyze those contracts to ensure that you're truly getting paid enough to cover your entire cost of that case and  also make a profit. So managed care contracting, things to consider. So we oftentimes see the clients that we work with, and I should back up a little bit just  to give you a little bit more information about our company. So National Medical Billing Services, we are full end-to-end revenue cycle management organization.  So we do anything from front-end services all the way through billing, coding, and then back-end contract negotiations as well.  We have about 1,100 clients across 48 states, and we have a strong emphasis with orthopedics. So another service that we provide is revenue cycle audits.  So we see a lot of different types of contracts across the country as well. And I will say that probably the number one item that we tend to see of an area of opportunity  for improvement is always having complete copies of your contracts. I know it's challenging to obtain even like the appendixes and amendments that might be  sent out without any sort of notification to you as well from the payer, but it's important to ensure that you have everything that you can possibly get from the payer.  Because there's plenty of payer guidelines, it's important to ensure that you're understanding  the multiple procedure discount language, how are your implants reimbursing, and there's also even language that talks about how you should set your charge master as well.  So contract management is extremely important when it comes to orthopedics in general, or any specialty really for that matter.  But when you're looking at your contracts, these are just single level lines here. The most important thing you can be looking at with your contract proposals is looking  at the full case and all of your possible case or code combinations that make up those procedures.  Especially in the world of orthopedics, for example, total shoulders might be several  different types of code combinations depending on the doctor and the procedure type or technique I should say.  So understanding all of those possible code combinations and really looking at that contract from the case level as opposed to CPT line.  Knowing your charge master again is extremely important as well. Most insurance payers have language built into the contract that they can defer to the  lesser amount, so between your charge and actually what you should be getting paid. So an ongoing maintenance of your charge master is extremely important as well, especially  as you negotiate new rates. So we would suggest to do that probably on a yearly basis just to ensure that you're up to date with your charges as well.  One other thing just to kind of mention before we move on from contracts is you're going  to see a theme kind of throughout the presentation, too, and I just really challenge you to think  differently when it comes to kind of your standard KPIs or just looking at your contracts. And using Medicare as a baseline is a good comparison, but I challenge you to think a  little bit more complex that these are cases that are migrating from the hospital setting to the ASC. So don't cut yourself short on just looking at Medicare ASC reimbursement.  Think of it as the cost savings from the hospital, what that payer is paying the hospital versus what they should be paying you.  So as opposed to going and thinking about a percentage of Medicare for your contracts, think of it as the discounted rate from the hospital reimbursement because that's going  to hit home with that payer. And with the price transparency laws, that information is available.  There are hospitals that are choosing to take the hit with the fees as opposed to actually publishing their reimbursement rates as they should.  But there are ways to get a hold of that, so you can do that kind of comparison as opposed to using ASC Medicare as a baseline.  Still a decent comparison to use, but it's a lot more powerful whenever you bring that discount language in. Any questions on contracts or anything before I move on to KPIs?  All right, KPI overview. I think we've all heard this, you can't manage what you don't measure.  But this is a little bit more powerful, and you'll see kind of the comparisons as we work through the next few slides too.  So business leaders are struggling to find a workable balance between tactical and strategical,  operational and financial, and KPIs that are effectively capturing the moment now while anticipating the future. So it's about finding that balance.  KPIs, what are key performance indicators? So think about how do you select them? How do you use them effectively? Do they truly tell a story?  And again, real key here is think different. So aligning your organization is extremely important. So what are the priorities that you have at your organization?  Ultimately, what is the priority, right? Because if you have too many, it becomes overwhelming. It's not clear what your message is. How are you measuring your organization's KPIs?  What rhythm are you in with monitoring? So what are you looking at on a daily basis versus weekly, monthly? So what's the frequency there? And then, again, think different.  I'll tell a story here. Does everyone remember when Fitbits first came out? And it was all the craze to get as many steps in a day.  And there was these arbitrary goals of should it be 12,000 a day per person, 10,000, 8,000? I think we still don't know.  I think there's been some recent studies that it was all kind of bogus, but it's up to the individual person.  But it was a big craze, especially at our organization whenever it first came out. Our senior leadership, everyone got a Fitbit, and we did a Fitbit challenge.  And so the challenge was who could get the most steps in per day within a 30-day period. And you can say our team, our leadership team definitely leaned in to this challenge.  And we think we got about a weekend. And what was happening was we would have meetings, everyone's standing, everyone's just stepping around, and it was becoming a distraction.  And I'm not saying that walking's not good, walking's great, but it became a distraction. It was impacting our overall work ethic, I feel like.  And about seven days in, one of our employees actually got a stress fracture in his foot. And so we took it very seriously.  So we ended the challenge, we did a reflection, what did this all mean? We still looked at everyone's steps per day, just to kind of see, again, we still wanted to see who won.  And so looking back, we even realized that, or we even noticed that one of our senior leaders, she's known to be really healthy.  She's always working out, she's always eating salads and everything. But looking at her stuff, she actually was the lowest, which was kind of surprising,  because we're all kind of taking bets who would probably be the winner. And we thought she would be probably one of the top three.  And she's actually the last person in the stack ranking. So come to find out, well, she wasn't necessarily stepping as much, but she's going to the gym,  she's riding a bike, she's lifting weights. So she likely was still technically healthier than anyone else. And so what does that mean, right? We focused on steps per day.  And that's the metric that we're focusing on, as opposed to what was the bigger picture goal, right? Was it our employees' health? And so what goes into that?  So we really realized that, you know, you really need to think about the overall bigger picture objective, as opposed to just thinking about that one KPI, and what goes into that  one KPI. If that makes sense.  All right, so development of KPIs, key performance indicators. KPIs help an organization define and measure progress toward its end goals, must be the  critical factors driving the success of the operation must be measurable. But many things are measurable.  So just because it's measurable doesn't necessarily mean it should be a KPI. And I actually challenged this, we'll get into this further on into the presentation,  but thinking of things that might not be measurable, but are factors that go into or influencers that go into your KPIs.  And we'll talk about that a little bit more with like patient satisfaction scores, employee  engagement, need to track current performance of KPIs and compare them to national and regional benchmarks and company goals.  I think this is important to point out that it's, it's great to understand the national and regional benchmarks.  But most importantly, it's important to understand your business, that is it always an apples to apples comparison?  Or is your is your organization a little bit different in certain areas? And I'll give you an example.  So just a standard for ambulatory surgery centers, national AR over 90 percentage should be about 20 to 25% is considered about normal.  But is your surgery set, say, for example, if your surgery center does a large amount of attorney or personal injury cases, that might impact that KPI, right?  So just understanding your business, having those national and regional benchmarks. And then again, most importantly, it's what's important to you and your organization.  And, and what's going to bigger picture drive growth, KPI, keep KPIs to a small number in order to remain understandable and manageable.  When everything's a priority, nothing's a priority, right? And then also just on that note to paralysis by analysis is a real thing.  So if you get too many KPIs in there, what do you what's the point, right? What's what do you what's the end goal?  So it's about starting at the end goal almost, and kind of working your way back. And then it should be a healthy blend of leading KPIs and indicators and lagging.  And we'll talk about that more. But that should really be a balance. You know, are you looking at a lagging indicator or a leading and it will make more sense here  in the next few slides. All right, how to use KPIs. So you should use KPIs as a performance management tool.  Provides a clear picture to all member or team members of what's important and helps focus everyone on the critical success factors.  To achieve goals post KPIs everywhere for all to see. At our organization, we have TVs around our offices that stack rank our employees by their production.  So it could be anything from cash collection so far against a goal. Or is it how many accounts followed up on or whatever the case may be. It encourages accountability.  It applies some pressure and maybe some potential friendly competitiveness. All team members should eat, breathe and sleep these KPIs. They should just be aware of it.  So communication is definitely key amongst your organization. And then build incentive structure around KPIs.  Make you know, encourage your team members to really lean in and treat the cash like it's their own or the organization as if it was their company.  So again, communication is definitely key with this to encourage your staff members to really lean into that.  All right, how to get it right. So analysis over intuition. Evaluate performance with data as opposed to trusting your gut.  I'm a firm believer in the gut biome and the gut equals brain. But in this scenario, you know, trust your gut. But also start with the data.  Because if you go with that gut feeling first, you might go down a rabbit hole of looking at the data that just supports that feeling. So the data will tell a story.  Start there and you might be surprised. Ensure culture embraces data-driven mindset. I by no means am a financial guru. I still heavily rely on my calculator.  But I can definitely appreciate and understand why data is important and how it tells a story. And then focus on only a few key metrics.  And again, the right ones that are important to your organization. Because I think everyone can throw out KPIs of aging over 90 days and your cash collection so far.  And we'll get into those. But again, it's all about where is your organization going? Where would you like to see it? Start there and work your way back. So what are you tracking?  Daily? Weekly? Monthly? Is the frequency correct or right? Can it become cumbersome? And I'll give you an example. We provide missing information reports to our clients.  It simply shows what patients have been scheduled and not filled yet and what is needed. So it's just a reconciled schedule. We reconcile the schedule every single day internally.  But that report is shared with our clients every once a week. So I've seen clients ask for that more on a daily basis. And that's fine. We can do that.  But if you think of it from a scheduling perspective and when operative reports are available,  it might become a little cumbersome whenever you see all of these patients that were scheduled the previous day. Operative reports might not be prepared yet.  So it becomes a very overwhelming report if it's looked at daily. So it's about understanding what the frequency is that makes sense for that indicator that you're monitoring.  How do you obtain the data? A lot of the data that you can be utilizing for ambulatory surgery center KPI performance is in a practice management system or your EHR.  So know where to find that. There's a lot of software systems out there, good, bad, and ugly. I feel like reporting is still not, there's no perfect system out there.  But there's certainly some that are better than others where you can extract that data to properly track. How is it presented to the team and are there incentives tied to them?  Again, kind of encouraging that ownership amongst your staff is really important. And how often does everyone talk about it?  Focus on your organization's, again, overall objectives, thoroughly describe the desired results, and then zero in on the KPIs that will actually get you there.  And that's, you'll find success with that. Because again, it's all thinking about that end goal, and then circling back to how are you going to get there.  So I'll do a sample objective here, and then kind of work our way back together. So sample objective, you want your ASC to strive to have the highest patient satisfaction  ratings in the industry while growing revenue, reducing expenses, maximizing cash flow, and remaining compliant. That's all. So, great objective, right? Something to strive for.  So, then what do you do? Set the goals that will feed into that objective. So, build one to three KPIs for each goal listed,  and that's how you build that KPI structure to get to that objective. So, KPI structuring. So, you have your enterprise KPIs,  then below your financial, operational, patient satisfaction, and employee engagement. And really, it should be a balance. If your financial, operational, patient satisfaction,  and employee engagement KPIs are doing well, then your overall objective and company goals will be doing well. So, they should be working together.  And you can think of it, again, as what's leading and what's lagging. So, do you want maximized collections, right, as your enterprise KPI?  Well, what goes into maximizing that, your collections? And think of it as, then you start with your KPIs more at the bottom here,  that feed as leading into the lagging KPIs of your enterprise. And the success of one KPI really reflects the success of another. So, we'll start with financial.  And you can think of the left-hand side here as your lag, so your lagging KPIs, and you're leading on the right.  So, lagging more of that high level, you want revenue growth percentage, monitoring your EBITDA margin percentage, business added and business lost. So, what goes into that?  So, taking that step back, your revenue per FTE. Do you know how much your FTEs cost you and their output in production? Do you know your gross margin percentage, your cost per FTE,  cost per implants in the orthopedic world, return on investment and debt per EBITDA ratio, operational KPIs. So, again, left-hand side, you can think of this as your lagging KPIs,  so more of that high level. Again, still important to track, but, you know, again, what goes into that? Because when you start really digging in,  that's where you can really more control where your organization is going. So, what goes into trended cash collections, cash per case, AR over 90 days?  Well, let's look at shifts in your payer mix, specialty mix or procedure mix. OR utilization, you know, do you have surgeons that are taking up more time?  How profitable are they compared to others? Do you have open block time that you can fill if they can be shifted around?  Missing information, again, if there's kind of lags in getting operative reports in or implant logs or implant invoices, that's going to impact your cash per case  because there might be valleys and peaks when it comes to having a turnaround time with your coding documentation.  Days to pay, knowing your overall days to pay for your ASC, but then also by payer. And I'll pause here for a moment because I'll tie this back to knowing your contracts too.  There are some payers that have contract language that they have a clean claim timeline. So, meaning that as long as you submit that claim and it's on file  and everything's correct with that claim, your contract with that payer, they're required to pay, say, for example, within 45 days.  And if they don't, then you might be due additional interest if they go beyond that 45 days, just as an example.  So, just another good reason to know and have access to all of your contracts.  And, again, days to pay goes into that. Your credit balances. Again, these are the leading KPIs that feed into everything.  So, you might think that you have an amazing cash per case, but do you have open credits that you haven't issued refunds to, right? So, that might adjust that cash per case.  Same thing with error for 90 days. Do you have a balance between your open balances versus your credit balances that are due?  And that also helps monitor your patient pre-collections too, right? It's much easier to collect from the patient prior to time of service than post-service.  But, again, it's an estimate, so it's an art sometimes, I feel like, when it comes to collecting from patients.  But, you know, where's that balance of collecting enough from the patient on the front end and then also actually issuing the refunds on the back end? And then your days in AR.  So, patient satisfaction KPIs. And this kind of goes back to what are the unmeasurable influencers that go into measurable KPIs specific to patient satisfaction?  So, what goes into patient happiness? You know, take a step back and think about what's going to make your patients happy. Do you have friendly staff?  Do you have the right people doing the right thing, right? If you know that an employee might not be the right person to be interacting with patients,  maybe they shouldn't be there or be in that position, right? Because that all goes into, you know, your overall objective for your organization.  Do you have a comfortable waiting room? You know, would you want to sit in the waiting room? What do you have playing on the TV?  Because, again, all of that goes into that patient survey scoring as well, their overall happiness. You'll be surprised what sticks with patients.  You would think that it would be the care, bedside manner, but sometimes they just care about accessible parking.  So, there's things to think about when it comes to that overall patient happiness. And then also from an ASC perspective too, ensuring that you have advocates for the ASC.  So, from a surgical practice standpoint, when those patients are being referred, does that staff or that patient coordinator, are they well-equipped to talk about an ASC,  to talk about your ASC? Are they giving that option to the patients? I'll give an example. Last year, I was with my grandma who needed just a carpal tunnel procedure.  I was with her at her doctor's office. We were going to be scheduling her surgery because I drive her.  And so, we were checking out, we're scheduling out the surgery, and they asked, well, what date day works better for you? And so, we just came up with Tuesdays or Wednesdays.  And so, I know that her doctor sees cases at the hospital, but then they also have an affiliated surgery center. And they immediately scheduled her at the hospital.  And so, I thought to ask, just because I'm in this world, you know, is there a reason why we're not going to the outpatient center?  And they said, well, the doctor only sees cases at the ASC on Thursdays. So, it was simply just because of the day that we chose.  There was no open discussion of here are your options, ensuring that we're thinking of the patients in the best possible way.  And again, that front office coordinator even is well equipped to talk about the ASC and knows the difference, really. Are you incorporating technology to engage with patients?  There's plenty of cool technology out there that helps understand what patients prefer to use when it comes to paying a bill or being notified about their procedure  or receiving feedback about their patient responsibility estimate. So, there's definitely tools that can help support and kind of enhance that patient experience  even before they come to the office. And then, again, appointment reminders and amount due. And that just helps.  I'll speak to this because I come from the front office world before national medical.  And if I had a tool that could help me communicate with patients, how much they owe, their responsibility,  there's read receipts out there to put a little bit more accountability on the patients as well. But again, it's educating them.  I would have killed for something like that back then. But again, it's all about enhancing the communication there.  Patient complaints, monitoring that, and then percent of return patients.  The patient complaints, again, with technology, there's a lot of tools out there that can help with patient calls as well.  We have a patient accounts department that really assists more with the patient follow-up post-surgery or post-visit.  So, sending statements, making outbound and inbound calls to collect payments or answer any questions about bills.  But we also utilize software that helps the patient accounts representative guide that patient to ensure that they're being taken care of and there's call resolution.  It also helps monitor if there's escalation in the patient's voice because there's no doubt that's a really tough job. You know, these patients are likely in pain.  They owe money in some cases too. So, there can definitely be conflict, but there's ways to help improve and ensure that that patient feels welcome or supported.  And employee engagement. So, employee engagement KPIs, employee turnover, employee satisfaction, and employee engagement.  So, again, kind of going back to encouraging your staff to be engaged.  That definitely helps with turnover, right, when they feel like they're a part of something a little bit bigger.  That kind of still goes back to the KPIs and is it visible for your staff? Do they feel like they're buying in?  And I promise you that will help them see that bigger picture, which I think is extremely important for,  and we'll get into that in the next slide, but for every employee to really feel like what they're doing is making a difference.  And it's easy to do with just little things like, again, kind of ensuring that everyone is on the same page and understands the overall bigger picture objective of your organization  and how they're being measured and held accountable. I just told this story, but it applies with employee engagement too as far as that patient accounts representative, for example.  Again, tough position to be in when you're always just talking to patients on post-surgery. But think of it that not only does a software like that improve the patient experience,  but also helps that employee feel supported when they know that there's a software in place  where if there's any sort of escalation in the patient's voice, there's a supervisor right there ready to jump in and support them.  So I think that additional support really goes a long way. Also, there's talk tracks out there that help with patients or with staff when it comes to patient communication.  So, again, not only does that help your employees, but ultimately helps your patients too. And again, I think encouraging that staff to know and understand the bigger picture  and the role that they play in that bigger picture. This is an example of some departmental and individual KPIs.  So on the left here, you have coding, charge entry, claims, and payment posting. Some more of those core billing functions.  So understanding what is the productivity per month by each individual, individual, by the department. What's their accuracy?  So what are the benchmarks of what you're ranking them against? And then ultimately, the client satisfaction, which would be your patients.  So, again, I challenge you to encourage your staff to think that bigger picture.  Prior to National Medical, I worked at a couple DME companies where I did a lot more of the front office operations of checking benefits, checking authorizations.  I did a lot of that as a part-time job too as I was going to college. And I can promise you I didn't really understand really what difference I was making.  But it is a relentless job. If that's not done correctly, revenue is not brought in for the surgery center for the practice.  So, again, kind of stepping back and encouraging them to see that bigger picture. Denials by category, average hours worked per day, backlog and turnaround time.  And then AR management, net collection percentage. So how much are your AR managers, how much are they collecting on what's expected to be coming in?  So not necessarily the collection percentage against gross charge, but you want to know how much are they actually collecting on your contractual rate. Number of claims worked.  That one should be monitored closely, right, because you don't want to incentivize poor behavior just to hit a number.  So really kind of peeling that back to ensure that it's quality work too behind that. Percentage resolved and average number of touches per resolved claims.  And that goes with patient accounts as well. So how many, how, with patient accounts, it's more so call resolution. So ensuring that the call is resolved, the first call.  With accounts receivable, it's more of how many touches until that claim is finally adjudicated properly and resolved. And then average cash balance worked.  And then AR over 90 days. So KPI has gone wrong. This just quickly, well, while we do revenue cycle audits across the country, again, we see a lot of different things.  And I can tell you the number one, I feel like red flag is something that might be surface value. It might look good.  But things like your AR over 90, if it's for an ambulatory surgery center, if you see 5%, I would actually question that.  And that would be a red flag for me because maybe things are just being adjusted off. Right.  So you want to make sure that what are your KPIs, what are they benchmarked against, and what are maybe some red flags whenever people might be incentivized to do the wrong thing.  Next generation KPIs, how can we think different? Again, kind of thinking, again, what's important to your organization, starting with that high level objective and working down.  Are there one or two metrics that truly drive successful performance? So are we keeping our current patients? Are we adding new patients?  Are we running our operations in an efficient, cost effective, and high quality fashion? So these can be more of that higher level objective view.  And then so you would start here and work your way back of what goes into these objectives. Case study to kind of wrap this up.  The board of an ASC that we were working with prioritized high level objective. They prioritized revenue growth as it had been stagnant for years.  So they developed KPIs, again, kind of starting at that baseline. So financial, operational, patient satisfaction, employee engagement areas.  Leveraging strength in orthopedics due to the high cash per case. So they knew they wanted to, again, drill down into just focusing on one area. So they built a total joint program.  And as we go through this, please keep in mind, too, about this can apply to really any orthopedic service line that's migrating over from that higher cost setting.  Because there are a lot of other higher paying orthopedic procedures that are definitely migrating over that can impact your overall revenue growth.  And this did help them. They had a plan to recruit additional orthopedic surgeons. There's also a lot of stepping stones that go into that as well.  When it comes to ensuring that your contracts are are ready and prepared for the procedures that you're getting ready to bring over.  And then that usually also brings additional surgeons, too. So they had an emphasis on building a total joint program that you're of rapid revenue growth and cash per case.  So the total joint volume increased 9.4 percent of their total volume from 2016 to 2021.  Total joint revenue had an outsized impact, meaning that 41 percent of this ASC's revenue was just on 9 percent of the total volume.  So thinking about those higher ticket items and what that how that impacts your bottom line.  So 41 percent of the revenue that they're bringing in was just on the 9 percent of their total volume.  Cash per case of the total joint program was $19,000 about compared to their overall cash per case for their surgery center being at $4,200.  So just seeing the difference of even just adding one more complex procedure to your to your service line, what that really does for that revenue growth when done right.  So initiatives resulted in a 647 percent revenue growth over the past over a five year period. And the growth in case volume and cash per case difference here.  So not a huge difference really when it came to the number of complex procedures, but that increase in the cash per case helped overall.  So again, increase the top line, bottom line and equity value of the surgery center just by adding being strategic about what procedures are going to be bringing over,  ensuring that your contracts are in place to accommodate the full case rate.  And that doesn't again, that doesn't have to be high volume. You can you can still impact your revenue growth with small or small volume of your case load with this more complex procedures.  So KPIs are strategically, culturally and operationally entwined with how leaders of data driven organizations to find success. Another one here for you.  You don't know where you're going. You might wind up someplace else. I'm open to any questions anybody has or any comments, anything I can can address for anybody.  Yeah, it's It's it's definitely the new one and just taking a step back a lot of the audits that we do It's about 95%  And there could be a lot, again this goes back to, there's a lot.

Video Summary

The video transcript discusses the importance of optimizing revenue metrics in ambulatory surgery centers (ASCs) by focusing on key performance indicators (KPIs) and structuring them effectively. The industry is seeing a shift towards ASCs for orthopedic procedures due to lower costs and better outcomes. The fastest-growing specialty in ASCs is orthopedics, with an anticipated 60% of procedures being performed in ASCs by 2025. Understanding contracts and managed care is crucial for maximizing revenue. The transcript also highlights the significance of KPIs in measuring progress towards organizational goals and emphasizes the need for a balanced approach. It provides examples of departmental and individual KPIs, including financial, operational, patient satisfaction, and employee engagement metrics. A case study is presented where focusing on a total joint program led to significant revenue growth in an ASC over a five-year period. The key takeaway is that strategic and data-driven management of KPIs is essential for the success and growth of ASCs.

Asset Caption

Growth can be a delicate business. As surgery centers strive to identify new growth opportunities, it’s essential to review current business processes to develop fresh insights for long-term success. This session will address the following topics: - Current changes in ASC rules and regulations that impact potential growth opportunities.- Forward thinking revenue cycle metrics to review for ASC growth. - Common revenue cycle pitfalls and how to avoid them with tools and tactics to build better outcomes.- Insights shared via case study of an ASC with a strong orthopedic background.

Keywords

Ambulatory Surgery Centers

Revenue Metrics

Key Performance Indicators

Orthopedic Procedures

Managed Care

Departmental KPIs

Total Joint Program

Data-Driven Management