ASCA 2024: ASC Revenue Cycle Advances and Industry Insights
The Ambulatory Surgery Center Association (ASCA) 2024 Annual Convention unites ASC administrators and stakeholders from across the industry to share insights and discuss emerging trends, including advancements in ASC revenue cycle management.
In this blog post, we delve into the top 5 key takeaways from ASCA 2024, with a spotlight on revenue cycle processes shaping ASC operations now and in the not-so-distant future.
1. Enhance ASC Revenue Cycle Efficiency with Automation
A prevalent theme at ASCA 2024 was the integration of automation and technology to streamline revenue cycle management processes. By leveraging these technological advancements, ASCs can enhance efficiency, reduce administrative burdens, and accelerate revenue cycle workflows. Automation not only minimizes manual errors but also optimizes revenue capture, ultimately contributing to the financial health of ASCs.
2. Data-Driven Decision Making for ASC Stakeholders
Through sophisticated analytics tools, ASC stakeholders can make data-driven decisions that optimize revenue cycle performance, enhance cash flow, and drive financial sustainability.
By analyzing key performance indicators (KPIs), such as claim denial rates, days in accounts receivable, and revenue cycle duration, ASCs can identify inefficiencies and implement targeted strategies for improvement.
nimble solution’s EVP of Operations, Bill Slife, and Jess Thurston, VP of Sales, delved into this topic during their ASCA presentation KPIs: Managing Your Top Revenue Cycle Metrics. Here’s a blog post featuring some of their key points.
3. Patient-centric Revenue Cycle Strategies
Another notable focus at ASCA 2024 was patient financial engagement strategies aimed at promoting transparency, affordability, and satisfaction for patients.
Patient-centric approaches to the revenue cycle educate patients on their financial obligations enhances the patient experience while strengthening financial outcomes for ASCs. For example, front-end services that provide real-time verification of insurance eligibility and benefits can provide ASCs with the opportunity to accurately inform patients about out-of-pocket costs.
Automating patient payment reminders or providing automatic payment and flexible payment options also improve the ease of the patient experience, leading to increased patient satisfaction and an increase in timely patient collections. The more prepared patients are to pay for their procedure, the more likely ASCs are to receive payment.
4. ASC Revenue Cycle and Regulatory Compliance
At ASCA 2024, attendees gained insights into emerging regulatory changes that impact the revenue cycle, such as updates to coding guidelines, billing regulations, and reimbursement policies.
Administrators explored strategies for ensuring compliance with federal and state regulations, safeguarding against audits, and mitigating risks associated with non-compliance. By prioritizing adherence to regulatory standards, ASCs can maintain financial integrity and uphold the trust of patients and payers alike.
5. Insights from Revenue Cycle Industry Experts
A standout feature of ASCA 2024 was the Affiliate-Led Lunch and Learn panel discussion Strategies for Success: Navigating ASC Payor Negotiations. This session, hosted by Stryker and featuring Scott Allen, nimble’s SVP, Managed Care Contracting, brought together industry leaders in the payer and contract negotiation space to discuss the complex process of negotiating ASC contracts.
The panel discussion provided attendees with valuable insights into payment contract terms and methodologies, including negotiation fundamentals for implants, and key steps to success in the payer negotiation process.
To learn more about managed care contracting best practices, here’s a Q&A with Scott Allen on contract management, chargemaster analysis, and case costing.
Final Takeaways from ASCA 2024
Through educational sessions, workshops, and networking opportunities, ASCA 2024 attendees exchanged best practices, shared success stories, and forged meaningful connections.
By leveraging collective expertise and insights, ASCs can overcome challenges, capitalize on opportunities, and drive continuous improvement in revenue cycle management. Technology, data analytics, compliance, patient engagement, and managed care contracts play a pivotal role in optimizing ASC financial performance. The right revenue cycle management processes drive efficiency, maximize revenue capture, and foster long-term financial sustainability.
Are you looking for ways to improve your revenue cycle management? Take the first step towards optimizing your revenue cycle process by requesting a revenue assessment from our team of RCM experts. Request a demo.