From Broken Bones to Booming Business: High-Dollar Strategies for ASC Billing

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From Broken Bones to Booming Business
High-Dollar Strategies for ASC Billing
High-Dollar Strategies for ASC Billing Why You
Cant Afford to Ignore Them Amid the pressure of
delivering high-quality surgical care, is your
ASC practice missing out on potential revenue?
Can your billing process keep up with the growing
demands of accurate claims and fast
reimbursements? If not, you might be falling prey
to some common billing errors. Understanding
high-dollar strategies for ASC billing is
essential for transforming your financial
outcomes. High-dollar strategies for ASC billing
are all about maximizing your returns by focusing
on the highest-paying procedures, reducing
billing errors, and improving collections. These
strategies help ensure that every service your
ambulatory surgery center (ASC) provides
translates into optimal revenue. Did You
Know? A poorly managed ASC billing process can
lose up to 15 of potential revenue through claim
denials, delayed submissions, or underpayments.
This hard truth underscores the importance of
leveraging efficient ASC billing and RCM
Services. By implementing tailored, high-dollar
strategies, ASCs can significantly improve their
cash flow and profitability.
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From Broken Bones to Booming Business
High-Dollar Strategies for ASC Billing

• Why Efficient Revenue Cycle Management (RCM)
  Services are Vital for ASC Billing Success!
• At the heart of high-dollar strategies for ASC
  billing lies effective revenue cycle management
  (RCM). RCM isnt just about tracking payments it
  is a complete ecosystem that handles claims,
  ensures timely reimbursements, and identifies
  billing inefficiencies.
• Here are 3 critical RCM KPIs you should monitor
• Days in Accounts Receivable (AR)
• Formula Total AR Average Daily Charges Days
  in AR.
• A lower number of days in AR indicates faster
  collections, meaning more liquid cash flow for
  your ASC. Aim for under 30 days.
• First-Pass Resolution Rate (FPRR)
• Formula Number of Claims Paid on First
  Submission Total Claims Submitted FPRR.
• A high FPRR (over 90) means fewer claims are
  being deniedleading to faster reimbursements.

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From Broken Bones to Booming Business
High-Dollar Strategies for ASC Billing

• Denial Rate
• Formula Denied Claims Total Claims Submitted
  Denial Rate.
• Keeping your denial rate below 5 ensures that
  most of your claims are processed and paid on the
  first submission.
• By tracking these KPIs, your ASC can improve its
  financial performanceminimizing the delays and
  bottlenecks that slow down revenue generation.
  Now, lets dive into some key tactics that can
  further elevate your ASC billing services and
  help you achieve maximum profits.

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From Broken Bones to Booming Business
High-Dollar Strategies for ASC Billing

• 5 Key Tactics to Enhance ASC Billing Services for
  Maximum Profits
• Precision Coding Accurate coding is
  non-negotiable. Errors in codes, particularly for
  high-dollar surgeries like orthopedic or spinal
  procedures, can lead to underpayments or denials.
  Invest in expert coders who specialize in ASC
  procedures to avoid costly mistakes.
• Payer Contract Reviews Routinely reviewing and
  negotiating payer contracts ensures you are not
  leaving money on the table. Dont settle for
  outdated rates when you can negotiate for higher
  reimbursement on common procedures.
• Implement Denial Management Effective denial
  management requires a proactive approach. First,
  establish a system to track and analyze denied
  claims, identifying common reasons for denials
  like incorrect coding or missing documentation.
  Next, implement a structured process to quickly
  correct and resubmit claims, while regularly
  training staff to prevent repeat errors and
  improve first-pass resolution rates.
• Optimize Your Documentation Implement a
  structured documentation process that ensures
  every procedure is thoroughly recordedincluding
  the necessary details for coding. Regularly train
  staff on documentation best practices to minimize
  errors and ensure that your ASC captures all
  billable services, reducing the risk of denials
  and speeding up reimbursements.

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From Broken Bones to Booming Business
High-Dollar Strategies for ASC Billing

• Stay Updated on Regulatory Changes The
  healthcare industrys billing regulations are
  ever-changing. Ensure that your ASC billing team
  is up-to-date on the latest rules to avoid
  unnecessary denials.
• The Role of Outsourcing in ASC Billing Success!
• Implementing high-dollar strategies for ASC
  billing in-house can be overwhelming especially
  with complexities of RCM. Many ASCs have
  succeeded by partnering with professional billing
  service providers like MBC.
• Why Outsource to MBC?
• Save Time and Reduce Stress Free your team to
  focus on patient care, not tedious billing tasks.
• Boost Accuracy MBCs expert team ensures your
  claims are accurateleading to quicker
  reimbursements and fewer denials.
• Track Performance with Custom Data Insights MBC
  provides detailed analytics and benchmarking
  reportsallowing you to understand your ASCs
  financial health.
• Streamlined Documentation and Processes With
  MBCs streamlined systems, your ASC can ensure
  consistent billing and payment cycles.

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From Broken Bones to Booming Business
High-Dollar Strategies for ASC Billing
FAQs Q What are high-dollar strategies for ASC
billing? A High-dollar strategies for ASC
billing focus on optimizing coding accuracy,
denial management, and payer contract reviews to
maximize revenue. Q How can tracking RCM KPIs
improve ASC billing services? A Tracking KPIs
such as days in AR and denial rates helps
identify inefficienciesleading to quicker
payments and improved cash flow. Q What is the
benefit of having a dedicated account manager for
ASC billing? A A dedicated account manager
offers personalized service, regular updates, and
proactive supportensuring smooth and efficient
billing processes. Q How can ASC billing
services reduce claim denials? A By ensuring
precise coding, submitting clean claims, and
closely monitoring denial trends, ASC billing
services can reduce denials and expedite
reimbursements.
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From Broken Bones to Booming Business
High-Dollar Strategies for ASC Billing
Q What are common CPT codes used in ASC billing,
and where can I find a reliable guide to refer to
them? A Common CPT codes used in ASC billing
often include those for procedures like
colonoscopies (45378), cataract surgery (66984),
and arthroscopy (29881). For a comprehensive and
up-to-date guide, refer to the American Medical
Associations (AMA) CPT Codebook or the Centers
for Medicare and Medicaid Services (CMS)s
official resources.