New year, New deductible.
Unless you’re in the fitness industry (hello, new year goals), you are most likely sitting in the midst of your slowest season. Patients saw their deductibles reset January 1st, and ASCs are now combatting hesitancy from those patients to schedule procedures that will cost them substantial out of pocket expenses.
Of course, this isn’t ideal as it traditionally leads to a decline in charges for your center. We, at in2itive, like to look at the silver lining. Slower months mean more opportunity for growth!
First and foremost, let’s debunk the notion that a slow month dictates decreased revenue. There is no better time than now to begin digging into your outstanding AR and collecting on balances due from insurance carriers and patients alike. Cleaning up your aging now will not only bring in revenue, but also provide a reduction in collections turnover, and a cleaner aging as you move into your busier months. Learn more about how in2itive can help with your AR clean-up here.
Next, you can use this time to face the music – the pandemic is still in full swing, and your ASC needs to be prepared. First quarter is a great time to dig into your COVID plan and ensure your center is ready to face whatever the ever-changing pandemic may throw its way, from changing protocols, to staffing shortages, or government mandates. Make sure you are updating your existing policy to reflect the current climate of the pandemic and the difficulties that have come into play since your policy was first put into place. Some things to consider include:
- Should you bring on PRN staff to have as a fill-in if you see an influx in sick employees?
- How will you continue to bring in revenue if case volumes must decrease? What cases / specialty is the most profitable to focus on in the meantime to increase existing revenue?
- How will staff – such as your billing office – operate remotely if necessary?
Lastly, our industry is ever-changing, with incredible new technologies coming into play every day to benefit your center, from the front office to the OR and beyond. Utilize the slower months to bring in this new tech while you have the time to provide your staff with adequate training. This will set your team up for success in understanding and implementing.
This time of year is our favorite – a chance to start fresh, implement things learned from last year’s operations, and ready yourself and your center for growth and opportunity.
How is your center utilizing the slower season in 2022? We’d love to hear from you!
