Becker’s Private Equity & Business Podcast Interview: Kelley Blair and Tim Fuchs Discuss ASC Industry Trends
Kelley Blair, CEO of nimble solutions, and Tim Fuchs, chief development officer joined Scott Becker on the Becker’s Private Equity & Business Podcast to discuss pressing trends within the ASC industry.
Here are the top three takeaways from their conversation, including how nimble navigates changes in the healthcare landscape and future growth opportunities for surgical organizations.
ASC Industry Trend #1: Consumerism, Adapting to Outpatient Case Migration
Consumerism is reshaping the healthcare landscape, granting patients more autonomy in their care decisions. This trend is particularly evident in the outpatient setting, where ASCs are gaining favor over traditional hospital settings due to better surgical outcomes and lower cost.
For example, surveys have shown that people prefer to recover at home rather than stay overnight in a hospital, and studies have also shown the recovery and surgical outcomes are better without an overnight stay, as there’s less chance for infection, plus the costs are lower. As potential patients become more aware of these benefits, they are more likely to choose ASCs for surgical procedures.
There’s been a notable shift towards managing higher-acuity cases within ASCs, including bariatrics and cardiology, alongside the continued growth in orthopedics. This evolution represents a significant opportunity for ASCs to diversify and elevate the complexity of care they offer.
However, with this opportunity comes the challenge of ensuring managed care contracts are updated and capable of covering these advanced procedures. nimble stands at the forefront, supporting clients through this transition by reviewing existing managed care contracts to accommodate new specialties and ensure fair reimbursement.
ASC Industry Trend #2: Addressing Staffing Challenges and Specialized Expertise
ASCs require specialized staff to navigate the complexities of revenue cycle management, encompassing expertise in coding, managed care contracting, and clinical understanding specific to the outpatient setting to ensure compliance and reimbursement for services.
Administrators, coders, and revenue cycle specialists have more changes in payer guidelines to keep up with than ever before, from prior authorization to implant billing requirements. Many ASCs are turning to partnerships with revenue cycle management firms to find the right expertise to meet these challenges.
Notably, ASCs are also grappling with the shortage of anesthesiologists, and experts anticipate the healthcare industry will continue to see a shortage moving forward. More ASCs are looking to add anesthesia as an ancillary service due to this trend. Since nimble provides RCM services for ASCs, physicians, and anesthesia providers, clients are looking to nimble’s advisors to navigate compliance, cost concerns, and the managed care contracts that come with that in-house move.
ASC Industry Trend #3: Client-Centric Focus Improves Patient Experience
Ensuring clients are compliant with local and national regulations, advocating and negotiating with insurance companies for fair reimbursement terms, and helping clients educate patients on the costs associated with surgical procedures so they can budget and plan for the expense are examples of nimble’s client-first approach.
This partnership approach provides comprehensive support across various facets of revenue cycle management, ensuring clients have access to specialized expertise tailored to their needs, which has been instrumental in building strong relationships and driving positive outcomes for ASCs.
By providing a comprehensive suite of Total RCM services, nimble relieves ASCs of the complex financial processes that can often sideline their primary objectives. This holistic approach to finance and healthcare service delivery ensures ASCs can thrive in a highly competitive industry, focus on their core mission of patient care, and further improve the patient experience.
Becker’s Private Equity & Business Podcast Interview: Where to Listen
As a revenue cycle management company, nimble handles the business operations for ASCs to ensure cash flow, compliance, and growth opportunities. In turn, ASCs can provide more affordable, convenient facilities for patients, as well as more personal, one-on-one attention and better surgical care.
Listen to the full podcast episode for more insights on how ASCs are navigating trends within the healthcare landscape – from staffing to managed care contracting and reimbursement – click here to listen.
Looking to engage with a partner genuinely committed to your success? Take the first step towards optimizing your revenue cycle by requesting a revenue assessment from our team of RCM experts. Request a demo.