ASC Industry News

What ASCs need to know about the Corporate Transparency Act

The Corporate Transparency Act went into effect in January of this year. This new legislation requires businesses, including ASCs, to report “beneficial ownership” information. This information must be filed to the U.S. Department of Treasury’s Financial Crimes Enforcement Network. Businesses found in noncompliance will be subject to penalties of $500 per day, or criminal penalties of up to two years in prison and fines of up to $10,000.

CMS Releases Top Citations from 2023

ASCA coordinated with CMS staff to obtain recent survey results including citations given to 3,023 ASCs nationwide. This data includes information from state agencies and deemed status surveys from accreditation organizations.

Source:ASC Focus Magazine

The ASC trends making leaders nervous

Case cost and reimbursement are the main issues facing ASC profitability. ASCs are experiencing additional squeeze, as reimbursement from Medicare, Medicaid, and commercial payers can be slow to cover all approved procedures.

ASC Growth Outlook: Maximizing Profitability Through Strategic Payer Contracts

The Ambulatory Surgery Center (ASC) industry is projected to increase by approximately 58% in the next 8 years. In order to capitalize on the potential for growth, a focus must be placed on development of staff and resources to negotiate and manage the changing landscape of payer contracts. ASC leaders should stay abreast of regulatory changes as several states consider changes to Certificate of Need (CON) laws, which would impact the market considerably.

Source: Becker’s ASC Review

Wrong Surgeries up 26% in 2023

According to the Joint Commission’s Sentinel Event Data 2023 Annual Review, wrong procedure, wrong patient and wrong implant surgeries increased 26% last year. The primary recommendation is the implementation and enforcement of the time out procedures.

Source:AORN- Periop Today