How Does Strategic Planning Fit into Your ASC Budget in 2024?

Have You Started Planning For 2024? 

Surgery centers can use a variety of strategies to improve or maintain performance outcomes from year-to-year.  

There are many centers that do not change their performance strategies over time and are at risk if an unexpected event occurs.

Alternatively, some ASCs are on the leading edge, always looking to expand and grow. These centers are usually the first to take opportunities to advance while being able to survive and thrive through unforeseen issues.  

The difference between these two extremes often comes down to planning.   

If your ASC hasn’t started planning for the new year, MedHQ can help guide you through that process so you are ready to excel in 2024.

SWOT Analysis 

When planning for the new year, many ASCs jump right into budgeting. Budgeting is typically associated with projected numbers, such as revenues and expenses.  

However, before you even start thinking about next year’s numbers, MedHQ recommends performing a qualitative analysis of your business. One method to gather a qualitative understanding of where your ASC currently stands is a SWOT analysis. 

SWOT stands for Strengths, Weaknesses, Opportunities, & Threats.  

Let’s review the 4 parts of a SWOT analysis. 

1. Strengths: Identify some capabilities, skills, and resources your team utilizes well. 
2. Weaknesses: Identify areas in which your team could improve and any operational gaps. 
3. Opportunities: Understand the current trends and innovations in the ASC industry. Reflect on which of those your center should take advantage of. 
4. Threats: Assess the strategies of your competitors and evaluate which of their actions could potentially harm your center. 

Intentionally move your business forward by maximizing your strengths and prioritizing opportunities. Prepare for unexpected issues by mitigating weaknesses and minimizing threats. 

A SWOT or other qualitative business analysis should be completed honestly, thoughtfully, and collaboratively with several members of the ASC team. It should provide new insights into your center’s current state and, more importantly, help you develop a strategy and plan heading into the new year.    

Strategic Budgeting for 2024  

Understanding where your business is heading is an important step before completing a budget. A strategic plan, supported by a qualitative analysis, provides the direction for the upcoming year and the timeline to accomplish your ASC’s goals.  

Developing a budget for an ASC involves utilizing numbers to support an established plan. However, these numbers and associated tasks can be overwhelming and time-consuming. If you’re struggling with budgeting for your center, MedHQ’s team of expert CPAs are here to help. 

We take the pain out of budget planning by letting you focus on the financial drivers of the business. MedHQ’s accounting team is ready to: 

• Complete expense line items for each month 
• Provide user-friendly budget templates  
• Import a completed budget into our accounting platform, enabling us to track your center’s performance and compare expectations throughout 2024 

With MedHQ’s help, you’ll have a clear picture of where your ASC stands financially during 2024 compared to your strategic plan — helping you stay on track and guiding your organization’s strategic decision-making.

About MedHQ’s Client Accounting and Financial Services

MedHQ’s Client Accounting and Financial Services business empowers physicians, ambulatory surgery centers, and healthcare organizations to achieve optimal performance by integrating comprehensive financial reporting and key performance indicators that ensure clinical operating strategies deliver optimal financial performance. Learn more here about how our team provides the data and reporting your center needs to plan, control costs, and run your business efficiently.