Jayson Meyer, Founder & CEO, Synergy Billing
Pizzerias globally are puzzled over how Domino’s Pizza, for decades now, continues to stand by its vow of ‘delivering in 30 minutes or free,’ in arguably one of the most competitive businesses. In a similar vein, leading claims processing companies are puzzled over how Synergy Billing is revolutionizing the industry by processing claims in 30 days or less. While pizza-delivery businesses may never know exactly how Domino’s ceaselessly keeps at it, the answer, in the case of Synergy Billing lies in its proactive and proprietary approach to denial prevention and expert claims processing, according to Jayson Meyer, founder, and CEO. With a proficient, innovative, and knowledgeable team with years of experience in helping federally qualified health centers to maximize revenue and improve business processes, Synergy Billing is set out to change the game forever in revenue cycle management.
As a leading-edge technology company that serves community health centers across the nation, Synergy Billing specializes in revenue cycle management and consultation. “Bad debt is a virus that infects community health centers. It starts as a denial, an unpaid claim for health care services,” says Meyer. “Once a claim is denied, the work needed to appeal that denial is time-consuming and complicated. Each day that passes, the money is more likely to end up being lost to payer timely filing requirements.” At a time where the Healthcare Finance Management Association mandates that 80 percent of the claims should be resolved in the first 90 days, Synergy Billing’s Special Forces Denial Team has surpassed these industry standards with its ‘breakneck speed’ in claims processing, delivering 90 percent resolution within the first 30 days of processing. “We have applied Six Sigma and Business Process Management to reverse engineer the revenue cycle process. In doing so, we cater to the payer’s requirements, receive claims data, and ensure that claims get paid the first time. Evidently, the results have yielded more revenue faster than ever. In 2018 alone, Synergy Billing collected over $120 MM for community health centers,” he informs.
At the onset of each new partnership with a client, the Synergy Billing team gains a thorough understanding of the client’s business processes, assesses every step in their revenue cycle, and spot inefficiencies. When the shortcomings in their methodologies were identified, Synergy Billing re-engineers those processes to ensure that the client is performing at the highest level possible. “We are able to create ‘synergy’ in the process, which allows us to demonstrate optimal results. We take a comprehensive approach to connecting, assessing, and mapping out the processes, followed by demonstrating the best possible outcomes,” explains Meyer.
At the core, Meyer reveals that most problems of delayed claims processing stem from staff turnover, badly configured billing software, clearinghouse issues, and ever-changing payer rules and requirements. This results in accounts receivables (AR), money that is lying around waiting for someone to take action.
The results of our 30 days or less paid Expert Claims Processing have been eye-opening and are helping our clients to achieve their goals in patient care quicker and more efficiently
Often, the health center’s billing staff has little time to devote to the investigation necessary to recover the funds. While denials and aged receivables are the primary challenges, Synergy Billing solves the same by quickly analyzing—with its proprietary calculation method—how much money is collectible. Once the team comes up with a value for the AR, it then establishes a revenue target based on the client’s historical patient volumes and payer mix for proper forecasting of revenue. To top it all, the fact that Synergy Billing is vendor-agnostic allows seamless data collection from the clients’ software before feeding the data into their processing systems.
To illustrate the efficiency of his company’s expert claim processing, Meyer cites a case where the team helped a Detroit, Michigan-based client that had health system processing about 3,00,000 claims annually. The company had to write off a great deal of money to bad debt on an annual basis. To tackle this situation, Synergy Billing introduced its Revenue Recovery Service and helped the client to handle timely filing and bad debt write-offs. This service looked at the old balances, worked in conjunction with the existing billing staff, and considered the balances that were greater than 150 days to insurance. Now, as the data was collected on an annual basis, an additional $5,00,000 came into the organization, which was a sign of substantial recovery. Hence, on a $20 MM annual budget, the client collected an extra $5,00,000, which was initially written off the bad debt.
Meyer credits Synergy Billing’s success to its high-performing team members, who are well acquainted with the nitty-gritty of the revenue cycle management. The company has recently moved to a new state-of-the-art facility and corporate headquarters, The Fountainhead at Holly Hill, which will be used to train and develop the industry’s leading revenue cycle experts and the future leaders. One such program housed at the Fountainhead, The Synergy Externship training program, is a 4-week program that provides hands-on learning. Participants learn about the industry, the company, and the Synergy methods for expert claims processing. Through the mutual investment of these individuals and Synergy, the company is able to identify the very best candidates to hire. “Owing to the non-standard training methods in medical billing and revenue cycle management, it is difficult to find qualified staff. At the Fountainhead, we are applying what we have learned over the last 13 years, and sharing that information with anybody who wants to learn medical billing and coding. As a result, we are creating the next wave of industry experts,” he affirms.
Soon after its inception in 2006, Synergy Billing was quick to climb the success ladder and was named the 767th fastest-growing private company in America by Inc. 500 Magazine. “We can see the number of people served by our clients growing, which underscores the importance of helping Federally Qualified Health Centers achieve greater stability and sustainability. The results of our 30 days or less paid Expert Claims Processing has been eye-opening and is helping our clients to achieve their goals of patient care quicker and more efficiently,” extols Meyer. With no plans of slowing down, Synergy Billing aims to process 1.5 MM claims this year and over 5 MM claims in the next 12 months through its new training facilities.