Growth opportunities for ASCs rely on adapting these strategies to drive revenue.
Author: Scott Allen, Senior Vice President, Managed Care Contracting
We had the privilege of attending the prestigious 2023 ASCA Conference & Expo, revealing our new brand to the ambulatory surgery center (ASC) industry; perhaps you saw us there? ASCA was a momentous occasion that allowed us to connect with industry professionals, showcase our innovative solutions, and embark on an exciting new chapter.
At the conference, we proudly spread the word that National Medical and our four mergers – MedTek, Medi-Corp, mdStrategies, and National Billing Partners – officially joined forces as nimble solutions to provide our most comprehensive suite of Total RCM solutions.
The response from the ASC industry was overwhelmingly positive, and I’m excited about the opportunity to serve the surgical industry under our unified brand moving forward.
In addition to this exciting news, I had the privilege of hosting a session with nimble solutions President Lisa Rock on implant reimbursement strategies and payer trends affecting reimbursement. The session drew an impressive and enthusiastic attendance, with industry professionals eager to gain insights and stay ahead of the evolving landscape of reimbursement.
As I reflect on the ASCA conference, I am reminded of the crucial need to identify effective strategies that address the ever-changing landscape of our healthcare industry and hope to shed light on the importance of adopting a nimble approach to revenue cycle management (RCM).
Keep reading to learn 5 powerful takeaways:
The power of collaborative partnerships
One resounding theme that emerged from the ASCA conference was the significance of collaboration among stakeholders within the healthcare ecosystem. Strong partnerships between ASCs, payers, technology venders, and RCM professionals improve reimbursement opportunities.
Together, we can foster innovation, streamline processes, and implement best practices to optimize revenue cycles and enhance patient care.
Technology as a catalyst
Another recurring topic of discussion was the pivotal role of technology in revolutionizing RCM practices and business intelligence. Advancements in artificial intelligence (AI), machine learning, automation, and data analytics have the potential to transform the way we identify KPIs and the way we project financial growth.
By harnessing these tools effectively, we can unlock hidden insights, identify revenue leakage, reduce denials, and improve overall financial performance
Adapting to regulatory changes
The healthcare industry is no stranger to regulatory changes, and the ASCA conference shed light on recent shifts that impact revenue, from coding updates to bundled payments and value-based care models. Sessions dedicated to understanding and adapting to evolving compliance requirements, such as how to secure reimbursements on implants, were particularly enlightening.
As leaders in the RCM space, our nimble team of revenue cycle specialists are well equipped to navigate these changes seamlessly.
The ASCA conference also underscored the importance of adopting a patient-centric approach to revenue cycle management. As the industry continues to shift toward value-based care models, placing patients at the center of our processes becomes crucial.
From providing transparent financial information to offering flexible payment options, we prioritize the patient experience and find innovative ways to support them throughout their healthcare journey.
Continuous learning and professional development
One of the most valuable aspects of attending conferences like ASCA is the opportunity for professional growth and networking. Engaging with experts in the field, participating in workshops, and staying ahead of the latest industry trends enables us to enhance our knowledge and skills.
I am committed to fostering a culture of continuous learning and professional development at nimble. Our thought leaders will continue to contribute valuable insights through webinars, podcasts, articles, and conference sessions in the months ahead.
Attending the ASCA conference has reaffirmed my belief that change is not a challenge to be overcome, but an opportunity for growth and improvement.
Embracing change, leveraging technology, collaborating effectively, and putting the patient at the heart of revenue cycle management will undoubtedly be the keys to success in our evolving industry.
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