Joyce K. (Deno) Thomas, senior vice president operations for Regent Surgical Health, explains why it is risky for physician-owners of ASCs not to take the time to learn and understand how well their ASC is performing financially.
Joyce Thomas: Some physician-owners do not pay attention to their ASC business. Once it's running well, they don't develop the skill of reading an income statement or learning how to question the numbers.We are talking about a multi-million dollar investment — you have to learn how to read a financial statement and how all of the pieces and parts fit together! That way you can at least begin to see if something is going awry.
One cannot dismiss the importance of this and expect someone to take care of your money as well as you will. Physicians need to learn how to read the income statement. It is very important to understand the interrelationship of the numbers. Hold back on looking at the very bottom line until you know what is feeding it. That doesn't mean you need to be going to the bank and putting the deposits in but you better be watching those numbers and take the time to understand them.
Learn more about Regent Surgical Health.
Read more insight from Joyce Thomas:
- Critical ASC Mistake: Failure to Maintain the ASC's Appearance
- Best Quality Care: Hospital or Ambulatory Surgery Center?
- Critical ASC Mistake: Physician-Owners Using the ASC as a Bank