The past few decades have seen a lot of changes in billing for anesthesiology. Among the changes are advancements in software like front-end claims scrubbing, front-end meaning prior to AR. Claims scrubbing is undoubtedly a “no brainer” method in optimizing the billing process. Savvy anesthesia practices need to be wary of billing companies that rely too heavily on the capabilities of their front-end scrubbing. Many billing companies believe the only way to ensure accurate, on-time coding and billing for every patient and carrier is to remove the element of human error altogether and automate the process. As a result, staff is drastically reduced and many state 100% of their claims are submitted clean. The billing company benefits by being able to greatly reduce their internal staffing needs and in return the anesthesia practice receives billing services at a very attractive price. It’s a win-win right? It may appear so at first but let’s take a closer look. [Read more...]
Having a anesthesia risk management program in place for your practice will protect you as well as your patients. If you don’t already have a program in place, or if your existing program isn’t quite up to par, consider these elements that can help fully round out your anesthesia risk management program. [Read more...]
How is your bedside manner affecting your business? It could be having much more of an impact than you think. How your patients feel about you can determine the speed with which they will pay their bill, or their portion of their co-pay, after a surgical procedure. [Read more...]
Calculating the true cost of accounts receivable for medical providers is an abstruse and challenging task. In fact, on a DIY basis, the real cost of A/R is almost impossible to figure. In 2009, the Harvard Business Review issued a study that calculated the cost of carrying accounts receivable for businesses in general. [Read more...]
Everything we work at has the capacity for improvement. This is why technology improves; “good enough” should never be acceptable. In the ASC industry, this is especially true for the mature ambulatory center. Fortunately, most started the right way, and never looked back; some older facilities though are in the grips of lower reimbursement, rising costs and falling patient load.
Interestingly, if we accept that things are never good enough, there are common steps successful, mature ambulatory centers have available to improve performance and improve the bottom line. [Read more...]
During 2013, mergers, acquisitions, and sales of ambulatory surgical centers (ASC) were energetic. Reports are that more than half of respondents to the “2014 ASC Valuation Survey” (done by HealthCare Appraisers) explored purchasing up to 10 ASCs and 44 percent did due diligence on 11 or more chances for acquisitions.
Ponder and Company issued a white paper in April 2014 that also looks at the future of ASCs based on last year’s activity. If “the past is prologue,” what can the industry look forward to in 2014? [Read more...]
Biomedical ethics is an important topic within the realm of anesthesiology. Understanding each of the four principles of biomedical ethics can help ensure that all anesthesiologists take health-conscious, ethical measures daily. [Read more...]
Anesthesiology is a complex area of medicine. This is true both in the actual clinical performance of it and in the anesthesia practice management of private and corporate practices. There are many federal guidelines that apply to anesthesiology that are not imposed on other areas of medicine. It is also a specialty that is in high demand, so each anesthesiologist is likely to see a large number of patients.
It’s easy to fall behind on things in anesthesiology, because there is so much to do. One thing an anesthesiologist does not want to be is irrelevant or out of touch. Staying on top of things makes for a healthy, thriving anesthesia practice. Here are two things you must do to keep any modern anesthesiology practice at the top of its game.
Culture is everything for an anesthesiology practice, especially when it comes to clinical risk management. Reducing risk means increasing patient safety by developing a patient safety culture through communication and teamwork. [Read more...]
David B. Mandell, JD, MBA
Jason M. O’Dell, MS, CWM
In our many years as professionals, we have seen many clients make mistakes when choosing and working with their business advisors, including owners of ASCs. From this experience, we have created a list of seven pitfalls to avoid and we will describe the first four in this article and the last three in part two of the article. [Read more...]