Ambulatory surgery center (ASC) leaders are focused on a wide range of management and patient care decisions every day. An ASC’s finances are complex and demanding; even a small error or oversight can result in thousands of dollars in losses.
MedHQ uses expert accounting strategies to reduce risk and improve business performance for ASCs, and often shares the following insights with their clients:
Due Diligence Leads to Savings
When ASC leaders are juggling day-to-day priorities, they don’t always have time to take a step back and look at the big picture as often as they’d like. But due diligence performed by financial experts is exactly how ASCs can reveal problems and errors that might otherwise go unnoticed.
MedHQ once conducted a review of a client’s Accounts Receivable and discovered that the ASC had not collected on a number of old accounts. MedHQ’s CPA identified weak points in the ASC’s AR process, allowing them to collect $100,000 that would have been written off.
Details – Big and Small – Add Up
Any accounting professional knows that details matter – and that small things can quickly add up. Many ASCs find that tightening up or changing routine practices can produce significant outcomes. Even minor mistakes, like duplicate invoices or double payments, multiplied across many different patients, result in major savings.
MedHQ looks beyond just simple line items and gives clients deeper insights into better ways to manage finances, save money, and avoid discrepancies. While reviewing a client’s office lease, a MedHQ CPA found that another tenant in the ASC’s facility should have been paying part of the property’s real estate tax. Because no one realized this before, the ASC was paying the entire tax bill alone. This discovery led to substantial savings once the other tenant began contributing its portion.
Advanced Tech Boosts Efficiency and Accessibility
New technology tools give ASCs unprecedented automation tools and easy access to their accounting information. MedHQ employs an advanced cloud-based accounting system, Sage Intacct, that enables process automation as well as client access to their accounting information in one place, 24 hours a day, seven days a week, from anywhere in the world.
This level of support is a huge asset when clients are looking for cost savings, while traveling or working remotely and still need to retrieve their financial information. ASCs that use in-house accounting or smaller CPA firms don’t offer the kind of accessibility that comes with a sophisticated accounting software system.
The bottom line is that when ASCs invest in specialized accounting services, they are able to save time, money, and energy. MedHQ takes ownership of complicated and time-consuming accounting responsibilities for ASCs, allowing administrators to focus on their top priorities: running and managing excellent surgery centers.
Interested in learning more about improving an ASC’s accounting and business performance? Download MedHQ’s full whitepaper.