How Synchramed Transformed a Psychiatrist’s Billing Process and Improved Cash Flow
Introduction
Managing a private psychiatric practice comes with unique challenges, particularly when it comes to billing and payment collections. A Psychiatrist in Johannesburg faced significant operational disruptions and revenue loss due to unreliable support from her previous two-person billing bureau. After months of billing stagnation and mounting frustrations, this doctor made the switch to Synchramed — a decision that dramatically improved her practice’s financial health and operational efficiency.
The Challenge
The doctor’s previous billing bureau consisted of a small team of two individuals. While initially manageable, the limitations of this setup became apparent when:
- One team member went off sick without informing her, leaving billing tasks undone for several months.
- Patient accounts were not diligently followed up with medical aids, resulting in delayed or lost payments.
- The bureau failed to adapt to industry changes, leading to under-optimized billing processes and missed revenue opportunities.
These challenges caused significant cash flow issues, with accounts aging into the 120-day bracket and a noticeable dip in revenue.
The Solution
The doctor decided to partner with Synchramed, a trusted medical billing bureau with over 21 years of experience. Synchramed provided her with:
Reliable Service Continuity
Synchramed’s robust credit control team ensures no disruptions in service. If a credit controller is unavailable, a team member steps in to maintain seamless operations. The doctor no longer had to worry about absenteeism affecting her billing.
Optimized Billing Processes
Synchramed’s team of industry experts reviewed and updated the doctor’s billing practices, ensuring all industry changes were implemented and her billing was fully optimized.
Improved Collections and Reporting
With a dedicated team, Synchramed diligently followed up on outstanding claims, reducing the aging of accounts. This doctor saw her net collectible book improve significantly, with almost no accounts aging into the 120-day bracket.
The Results
After partnering with Synchramed, the doctor experienced:
A 20% Increase in Billing Revenue
Synchramed’s expertise in optimizing billing processes resulted in higher revenue compared to her previous setup.
Significant Reduction in Accounts Aging
Accounts in the 90 & 120-day aging category dropped to almost zero, improving cash flow and reducing financial stress.
Peace of Mind
The assurance of service continuity allowed this Doctor to focus on her patients, knowing her billing and collections were in capable hands.
Conclusion
The transition to Synchramed illustrates the importance of partnering with a reliable and experienced medical billing bureau. By addressing the gaps left by her previous two-person team, Synchramed not only improved her financial outcomes but also restored her confidence in the billing process.
Are you ready to transform your practice’s billing?
Contact Synchramed today and experience seamless billing, increased revenue, and peace of mind.
