Jayson Meyer, CEO, Synergy Billing
All decisions in health care revolve around the revenue cycle. Revenue is the life blood that fuels operations and makes quality health care a reality. Unfortunately, regulation and red tape have clogged the arteries of too many health care organizations and obtaining reimbursement for services has never been more challenging. As a result, a growing number of health care executives are choosing to outsource their revenue cycle and billing systems. One of the leading companies they are turning to is Daytona Beach, FL-based Synergy Billing. Led by CEO M. Jayson Meyer, Synergy Billing has bold plans to revolutionize the business of health care.
According to Meyer, there is a breakdown in key RCM processes in all segments of healthcare, but most of this is because the nature of the revenue cycle is misunderstood “We are in the data business. The data that we receive after a patient is treated by a provider becomes an electronic claim file. If the data within that file is accurate, it is more likely the visit will be paid,” explains Meyer. Synergy Billing reviews the data by utilizing both technology and Certified Professional Coders to make sure the data is accurate before it is sent to the payers. “Our unique business model is that we take ownership of the entire revenue cycle process and we synergize it. If it is part of the payment cycle we handle it,” adds Meyer. The company also provides a credentialing service for its clients, another strategy for insuring payment.
An example close to Meyer’s heart of the power of Synergy is that of a health center with an annual budget of about $15 million, facing poor cash flow and collections. The health center engaged Synergy Billing to manage its revenue cycle. In addition to performing the center’s billing function, Synergy Billing also worked with the client to augment the use of technology, provide proper training, and enhance business processes.
A year after beginning to work with Synergy Billing, the health center could point to a $1 million increase in net revenue.
Synergy Billing provides insights and action that optimize the revenue cycle for their clients. “Our billing specialists go through rigorous training, which results in many key benefits to our clients. Our focus is on helping each client maximize their revenue,” adds Meyer. The company provides weekly reports and presentations on the status of the revenue cycle, accounts receivable, and cash flow, ensuring healthcare executives stay informed on the financial picture within their organizations.
There is no substitute for a Synergy Billing Specialist
Over its ten-year operating history, Synergy Billing has faced challenges finding qualified and talented billing specialists. To address the lack of technical skills and of universal medical billing certification, Meyer has created the Synergy Billing Academy. Students complete a rigorous and unique program that combines classroom instruction with experiential learning while embedded in a real-world billing team. Once they have successfully completed the academic program, students must pass an examination in order to be certified as Synergy Billing Specialists. The company has coined the expression “There is no substitute for a Synergy Billing Specialist.”
Looking to the future, Synergy Billing is building a corporate campus that will include both the company’s headquarters and a home for the Synergy Billing Academy, as well as day care, fitness, and dining facilities, and workforce housing. The company is also developing revenue cycle certification that Meyer aims to make an industry standard. “We have developed a curriculum and built a training program that is in high demand. Also, my book on maximizing revenue in healthcare sector— which will offer guidance to all types of health care providers—will be released soon,” concludes Meyer.