The Synchramed medical billing and collection process reduces R1.3m of outstanding debt in a gynaecologist’s practice.
Challenge: High Outstanding Debt in a Gynaecologist’s Practice
Before partnering with Synchramed, this doctor’s practice had accumulated a net collectable book of R1.3m, attributable to severe negligence and mis-management of the book 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 a concerted effort was undertaken over several months by our Credit Control team skilled in medical debt collection, to arrange servicing of the old debt while simultaneously carefully managing new billing for accuracy and timely settlement.
Results: Outstanding Debt Reduced by 92% in a Gynaecologist’s Practice
At the time of writing, the practice has an average net collectable book of just over R100k, where the 90+ day-old debt averages below R6k. The average collection rate is a very healthy at 99.2%.
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.
