Matt Lau shares valuable insights on preparing your annual budgets. Listen to this conversation and learn key strategies for budget planning and strengthening your ASC’s financial outlook.
Budgeting for your ASC doesn’t have to be a dreaded months-long ordeal. In our latest episode, Matt Lau from MedHQ shared his proven 4-step process to streamline budgeting and turn it into a tool for success. Here’s the breakdown: ?? Step 1: Craft a Narrative – Start with a mini business plan for the year. Forget the spreadsheets; focus on your ASC’s vision using tools like SWOT analysis. ?? Step 2: Dive into Case Volume Analysis – Case volume drives your ASC’s financials. Align with your physicians to forecast case numbers accurately, factoring in recruitment and operational changes. ?? Step 3: Perform a Payor Mix & Reimbursement Analysis – Don’t assume past reimbursement rates will hold steady. Analyze your payor mix and adjust for changes in contracts or shifts toward Medicare or other lower-paying payors.? ?? Step 4: Build the Budget Spreadsheet – Segment variable and fixed expenses. Use historical data to project costs and make sure your numbers match your story. This sets you up for a smooth board presentation. Ready to simplify your budget process? Tune in to learn how to present a clear, compelling budget to your board. #ASC #SurgeryCenters #TWISC #Budgeting?
