How ASCs Can Strengthen Cash Flow Amid Industry Pressures: Insights from nimble solutions
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What is the main topic discussed in this episode?
Hi, everyone. This is Lucas Voss with Becker's Healthcare. Thanks so much for tuning into the Becker's Healthcare podcast series. Fantastic to have you. An exciting topic today, leading through uncertainty, how ASCs can strengthen cash flow and stay ahead. And joining me for today's discussion, very excited to have them both, is Tim Fuchs, Chief Growth Officer, and Amanda Whitener, Senior Director of Client Development, both at Nimble Solutions. Tim and Amanda, it's so great to have you. Thanks for being here.
What is the main topic of the episode about ASCs?
Thanks for having me. Thanks, Lucas. I want to start off with introductions for our audience that might not know you yet. Tim, we'll start with you here.
Great. Thanks, Lucas. So Tim Fuchs, Chief Growth Officer for Nimble. And I've been here for nearly 10 years. And our organization is a RCM company that has around roughly 1200 clients in all 50 states. We grew our business focusing on the ASC market. But as we began to grow that, we started being asked to do the clinic side of things and anesthesia. So we really focus on being an outpatient surgical RCM focused organization, being able to support our clients from an enterprise wide view, whether that's their surgery center, their practice or their anesthesia group. We don't do acute care work on the hospital side. We really focus on that outpatient market. And it's great to be connected with you today.
And we also have Amanda Weitner, who is a senior director of client development here at Nimble. And Amanda, we'll let you jump in here too.
Sure. Thank you, Tim. Thank you, Lucas. Yeah, as Tim stated, my name is Amanda Whitener, Senior Director of Client Development here at Nimble. Been in the RCM space and the healthcare space over a decade now, most of that time being spent with Nimble. I love this industry. ASC is ever changing and working for a group that stays apprised of those changes and disseminates it to the industry accordingly is always just very exciting and very rewarding. I'm very blessed to be here with this group and looking forward to having this conversation today.
One more thing really quick too, I should mention that our clients really represent every ownership structure in the ASC space. We work with independent groups, health systems, we touch most of the management companies. and private equity firms, corporate organizations, MSOs, et cetera. So we've got about 20% of the ASC market in some form or fashion working with us. So we have a lot of great experience that we can bring to this conversation today.
i'm excited to hear about some of that because we're going to touch on it for sure and it's on in our title too uh of our conversation today cash flow and tim i want to start off with you here why is accelerating cash flow so important right now in the environment we're in yeah absolutely so yeah with reimbursement pressure right now rising costs and shifting case mix
ASCs can't afford to be reactive. So the centers that win are the ones that continuously monitor that financial performance. They pinpoint those issues early and adjust quickly. And here's a couple areas where they can really stay ahead. And I would say really focusing on data and understanding data, not just waiting a month to do it, but on a daily basis and understanding how to take that, analyze it, and react to it is really important you really should be looking at your daily cash and where that acceleration is coming from or where opportunity is to increase that and you can do that by really tracking your denial trends by payer and cpt Your author is authorized versus unauthorized cases. Cash per case by specialty, really looking at your AR aging, and then your net collection rate too is really important.
Your outcome there is really that you're spotting revenue leaks before they become write-offs. Another big part of that too is really establishing a tight front-end process. 70% of downstream revenue issues start before the patient enters the building, which is a fascinating stat that a lot of people aren't aware of. So ASCs must have an automated eligibility and benefits review, really have a bulletproof process when it comes to authorization workflows, and then having an accurate patient estimates and a pre-service payment strategy because the patient is ever becoming a bigger portion of the payer.
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