A DOMINANT PLAYER IN PHYSICIAN BILLING
- Problem: Inefficiency in operational and management processes due to rapid growth
- Solution: Design and implement a new operating model and metrices for reporting
- ROI: Over $10M in annualized benefits; Four-fold stock appreciation
Client had experienced significant growth through a series of acquisitions but the company had failed to optimize or integrate the processes for the core operational components of the business.
As a result of this rapid growth, a lack of direct assimilation and a general “hands-off” managerial style had become prevalent. Consequently, the company experienced a sharp rise in administrative costs and customer service problems. This resulted in a decline in share price and general market anxiety about the company’s performance.
Synergetics were brought in to review operations and come up with recommendations to future proof the organization for growth and continued operational effectiveness. Our team worked with the client to develop a “model office” in one region focused on the following:
- Productivity improvement
- “Best practice” standardization
- Optimized organizational structure
- Developed and installed staffing models
- Proper metrics for planning and reporting
The model office was subsequently implemented across the large and mid-sized service centers, while trained client teams implemented the standard operating model across the smaller locations.
The project yielded significant benefits to include:
- Over $10M in annualized benefits
- Physician retention rate climbed from a base of 70% to a consistent 98%
- The stock value appreciated almost 4-fold in the year following the standard model implementation