The Cost of Compliance: COVID and Ophthalmic ASCs
While the results of this study were not shocking, they hold valuable insight for ASC owners seeking to understand the true financial impact of COVID-19. Clearly, the implementation of COVID-related infection controls has significantly impacted labor and supply expenses, adding further financial strain to practices. As they continue to monitor these ongoing expenses, ASC leaders and owners must remain aware of their impact and be proactively evaluating all other controllable costs. Once the overall financial results of the past six months are confirmed, owners will likely see the inevitable reductions on net income and available cash.
We are all doing our best to survive in this “new normal.” By sharing the study results, we hope that more ASCs see the value in tracking costs per case data and profitability by case type. The sooner the ASC can get a handle on its costs, the sooner it can effect changes that will positively impact the bottom line.
We are thankful to our clients across the country who participated in the study. For our ASC clients who would like to get a handle on case costing, we would love to support you. PSS is here to help our ASC clients navigate the waters and get back on the right track!