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ASC Benchmarking Analysis
December 1, 2010
Published by SurgiStrategies
In today’s mature ASC environment, revenue growth is difficult to achieve. Until the last few years, new entrants into the ASC market experienced significant growth and a favorable level of competition for physicians and cases. Now, growth is decelerating, with the growth in the number of ASCs and cases per ASC slowing. This dynamic has caused an increased focus on the expense side of the profit equation in the ASC industry. Measuring ASC performance against internal and external comparable benchmarks has become a critical tool for achieving efficiency as ASC operators focus on making their current caseloads more profitable.
In a mature industry — one in a state of equilibrium with an absence of significant growth — businesses tend to behave in a fairly standard manner. ASCs are no different. ASCs are reacting predictably to the normal market-maturation process, in which earnings may remain stable, but growth prospects and expectations decrease significantly. In this changing business environment, we have witnessed ASC managers change their focus from growth to operations, innovation, and maintenance. This significant systematic effort within the ASC industry has required a shift in resources and managerial skill, with emphasis to innovation and efficiency.
ASC Benchmarking is but one component of organizational improvement. Benchmarking is not a one-time, quick fix. It is a process, a continual process of monitoring and adjusting. The process is commonly described in three steps – identify, track and change. If you can identify or measure a metric, you can track it. If you can track it, you can change it.
Developing and implementing an ASC benchmarking plan for your surgery center has the benefits of improving operational efficiency and maximizing performance, both clinically and financially, which will lead to a more profitable and valuable ASC.