Shrinking reimbursements and increasing competition for patient volume have taken a toll on ambulatory surgery center (ASC) revenue, and proactive centers are responding by investigating ways to save money. But most centers are missing one of the top three largest line items, along with building rent and medical supplies, that can keep costs in line: human resources (HR).
To remedy this, MedHQ has worked with over 70 healthcare facility partners to find additional savings that also deliver the benefits of improving employee satisfaction and reducing risk. Through the process, MedHQ gleaned key findings that guided the creation of the MedHQ 10-Point HR Audit (10-Point HR Audit). The 10-Point HR Audit identifies inefficiencies that, when addressed, can result in six-figure savings for a healthcare facility.
“We were very surprised to find out how much money we could save. MedHQ identified nearly $100,000 that we could re-capture and put to work in other parts of our business,” said Scott Glaser, M.D., Pain Specialists of Greater Chicago.
In one simple example of our 10-Point HR Audit we assess the employee health plan. The employer share of the health plan typically costs $80,000 – $200,000 per year. On top of that, employees contribute another $25,000 – $50,000 annually.
Surgery centers can save money on health plans in two ways:
- The first opportunity is to limit annual increases to 2-4% a year rather than the 10-20% found at many surgery centers. This saves the employer up to $36,000 annually, and also provides significant savings for employees – up to $11,000 a year. Are you facing a big increase from your health insurance carrier? Have you explored all of the strategies available to mitigate these increase while keeping a plan that is attractive to employees?
- Another opportunity is properly adjudicating the monthly insurance bill. Instituting tracking to ensure employees who leave are removed from coverage at the appropriate time can result in savings totaling $8,000 – $20,000 a year.
Organizations who research, negotiate and purchase a plan on their own have recently been subject to significant increases due to Patient Protection and Affordable Care Act coverage mandates. Participation in a large group or alternative ERISA-based plans gives employers access to optimal plans, plus they have the ability to gain credit for promoting wellness and mitigating health risk.
Want to learn more ways to save? Click here to download the MedHQ white paper, “10 Ways Surgery Centers are Wasting Money in Human Resources.”
About the MedHQ 10-Point HR Audit
It takes approximately one or two hours for back office staff to gather the information necessary for the 10-Point HR audit. Typical savings = six figures. Request your risk-free 10-Point HR Audit today. If MedHQ fails to identify $25,000 in savings, the audit is free.