When evaluating anesthesia services, clinical and operational performance may seem to be the crucial metrics. However, it is equally important that facilities understand the impact of financial performance. Costs and revenues must be evaluated concurrently to produce a comprehensive picture of a facility’s bottom line finances.
One of the biggest challenges faced when evaluating financials is the lack of transparency. Healthcare facilities must require full transparency from anesthesia partners regarding case volume, payer contracting, and revenue cycle management. With a focus on transparency, hospitals can better understand and monitor their costs of labor, specialty resources, and administration.
The average U.S. Hospital spends approximately 25 percent of every dollar on administrative costs, whereas efficient anesthesia management groups spend only about 10 percent of every dollar on administrative costs. By carefully allocating resources and continually evaluating financial performance, the best anesthesia management groups help facilities achieve optimal results.
Maximizing revenue streams and capitalizing on investment opportunities are just two of the many ways facilities can achieve desirable financial performance. The combination of high clinical, operational and financial performance will truly differentiate your facility and help produce greater case volume and ultimately, growth.
To learn more about your anesthesia team can enhance the clinical and operational aspects of your facility, read Parts 1 and 2 of this three-part series. For a more in-depth report on transforming the value of your dollar, download Somnia’s white paper here.