The Synchramed medical billing and collection process reduces outstanding debt in an anaethetist’s practice from R1.7million to R40k.
Challenge: High Outstanding Debt in an Anaesthetist’s Practice
Before partnering with Synchramed, this doctor’s practice had accumulated a net collectable book of R1.7m, attributable to bad management and negligence by the previous company.
Solution: Move All Patient and Financial Data Over to the Synchramed Practice Management System
To facilitate rehabilitation of the book, all relevant patient and financial data was imported from the system previously in use, into the Synchramed practice management software. This is a service we’re able to provide thanks to having data analysis and conversion expertise on the team.
Thereafter, our Credit Control team – skilled in medical debt collection – made a concerted effort over several months, to collect the old outstanding debt by. At the same time, new billings were carefully managed for accuracy and timely settlement.
Results: Outstanding Debt Reduced by 98% in an Anaesthetist’s Practice
The practice now has a net collectable book of under R40k, and boasts a 99% average collection rate.
In addition, the doctor receives monthly reports that track a large spectrum of key performance indicators:
- Revenue
- Payments
- Value of outstanding accounts
- Number of visits
- Average rand value per visit
These reports give the doctor the full picture on the practice’s financial position. Many of the reports can also be drawn day-to-day, giving the doctor all the information necessary to monitor how well the Synchramed medical billing and collections team are keeping tabs on outstanding monies.
