AR Aging
Reducing Account Receivable Aging in Pharmacy Chain.
#1. summary.
Syncpen is a growing BPO company offering cost-efficient, high-quality outsourcing in customer service, data entry, and back-office operations. Our mission is to enhance productivity and optimise operations while reducing costs. Using advanced technology, a skilled workforce, and a customer-centric approach, we provide scalable solutions for healthcare and telecom industries. With a global focus, Syncpen serves clients across Europe, Asia, and the USA, ensuring seamless business support.
Technologies used:
#2. challenges.
A facility faced high AR aging, with 45% of invoices exceeding 90 days. Limited visibility into claims status and inefficient manual follow-ups led to missed collections. Heavy reliance on manual AR tasks caused errors, delays, and compliance issues, often resulting in claim denials. Poor patient communication further worsened overdue payments. These challenges impacted cash flow, highlighting the need for streamlined processes, better tracking, and improved patient engagement.
#3. solution.
SyncPen utilised its healthcare BPO expertise to optimise the facility’s AR management through a multi-phase strategy. A comprehensive audit identified inefficiencies in claims tracking, manual errors, and payer communication gaps. A dedicated AR team streamlined billing, ensured proactive insurer follow-ups, and prioritised aging accounts. Compliance was reinforced with HIPAA adherence and documentation checks. Automation tools, including a cloud-based claims system and smart analytics, reduced delays, errors, and manual workload.
#4. outcome.
SyncPen’s solutions led to significant improvements in AR management. AR aging saw a substantial reduction, aligning with industry benchmarks. Payment cycles became more efficient, improving cash flow and increasing working capital. Claim denials decreased notably, while first-time approvals saw a significant boost, reducing resubmissions and delays. Enhanced patient billing communication streamlined payments, leading to greater transparency and a marked increase in customer satisfaction.
