As the market for ambulatory surgical centers (ASCs) grows increasingly competitive, proper management of these centers will likely determine the difference between turning a profit and going out of business.
The following list touches a number of key mistakes to avoid with regard to running a profitable ASC:
1. Lack of compliance with federal, state, and local regulations and accreditation requirements. Centers that operate out of compliance have a much more difficult time operating effectively. This lack of compliance, in turn, directly impacts profits.
2. Runaway costs. Staffing and supplies represent the two largest costs incurred by ASCs. Monitoring overhead encourages more economical spending practices.
3. Poor collections. Late billing and poor filing processes negatively affect profits. Setting up a system to compare the center’s accounts receivable to a national standard helps staff members stay vigilant in this area.
About Anthony Sinisgalli: A veteran medical sales executive, Anthony Sinisgalli joined Hospital Corporation of America (HCA) in 2006. He now holds the position of Director for Business Development.