ASC Fee Schedule
Best Practices: Tip #1
With decreasing reimbursement, you may think there is nothing you can do to affect your ASC’s cash flow. However, we have evaluated many ASCs and found that some are not collecting all the monies due them. Is it possible that your managed care contracts and/or Medicare reimbursement schedules allow more than what you’re charging? If so, consider that a wake-up call to review your fee schedule.
If you haven’t adjusted your fees in several years or since you opened your facility, it might be time to do so. Over the next few weeks, our tips will cover how to increase your fees — while remaining compliant — and give yourself what might be a long-overdue raise.
Tip # 1: Audit Your Fees
Follow these steps:
- At least once or twice a year, check your most common procedures to see if you’re maintaining the profit margin forecast in your budget.
- Create a spreadsheet showing reimbursement rates from your prominent carriers and Medicare as compared to your fee schedule and your cost (both direct and indirect costs) for common procedures.
- Review the complete list of equipment, supplies and implants needed for your most commonly performed procedures. Pick out a costly specialty and determine if you are hitting your profit margins. If you’re not, that might be a sign that you need to bump up your fees.
- Limit personnel allowed to change fees to management (administrator, business office coordinator and/or clinical director) to prevent errors and ensure that your fee schedule remains compliant.
Stay tuned for our Tip #2: How Much Should You Raise Your Fees?
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