At Becker’s 21st Spine + ASC conference, Matt Lau, Senior Vice President of Client Accounting & Financial Services at MedHQ, hosted an Executive Roundtable on ‘Unlocking Financial Data: Simple Strategies for Problem-Solving, and Growth.’
He highlighted effective strategies for leveraging ASC financial statements, emphasizing the importance of simplifying income statements by categorizing expenses into fixed and variable costs to identify trends.
Key takeaways included:
1. Simplify the income statement by categorizing expenses.
2. Evaluate monthly income statement trends.
Five categories of information are of particular interest for ASC teams:
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- Total case volumes
- Total revenue
- Direct supply costs
- Total labor costs
- Operating income
3. Remember that case volumes are the lifeblood of an ASC.
4. Use the balance sheet to analyze your cash position.
The original publication lives at Becker’s ASC Review, read the whole recap here.