For most physician-leaders of ambulatory surgery centers, accounting is neither their first love nor their best strength. But in the early days of establishing a successful center, physician partners find themselves in many roles. The buck stops with them for everything from accounting to waste removal and lots of other functions in between, including their primary craft of providing quality patient care. We outlined three common accounting mistakes and how to avoid them:
- Lapses in Billing and Coding Knowledge
- Data Management Flaws
- Trying to Do it All Yourself
“When it comes to managing the accounting function for an ASC, it is really important to set things up right from the beginning, and then to give ongoing financial management the diligence it deserves,” says Tom Jacobs, CEO of MedHQ. “It can save you a lot of heartache, while allowing your physicians to focus on what they do best.”
The first of the common accounting mistakes, for example, lapses in medical billing and coding knowledge, is among the most common – and costly – accounting errors in ASC management. This area is problematic because with new codes and regulations added each year, it is difficult to keep up with changes and remain business compliant. Professional accounting help, whether inhouse or via an outsourced specialty firm like MedHQ, provides a dedicated resource to stay abreast of changes and keep finances in order.
Avoiding the accounting mistakes of data management flaws requires a similarly dedicated focus. With cybersecurity on the minds of patients, providers, and payers alike, MedHQ recently formed a partnership with Net Works Consulting Resources to ensure customers’ data is monitored and protected. In addition, MedHQ uses SAGE Intacct accounting software to allow clients to access all records and board reports online.
Finally, ASC leaders should be on the alert for signs of the third common accounting mistake: trying to do everything themselves. While a surgery center often is an entrepreneurial venture, it is also a multi-faceted business that requires a breadth of expert resources for financial functions that range from preparing annual budgets to ownership transactions, taxes to debt-financing, and more. As the only PEO, HR and Accounting outsourcing company that specializes in the ambulatory surgery center market, MedHQ gives surgery center leadership access to an entire team of accounting professionals who are focused on the details of improving revenue and reducing risk.
For more information on MedHQ’s accounting services for ASCs, click here.