Recover Revenue and Profit Leakage
Smyyth Profit Recovery services can recapture millions of dollars that slip through the revenue cycle cracks. Our services include a rigorous audit, detailed research, and most importantly, recovery of the lost revenues and profits. You will receive a Management Report with root causes and improvement opportunities. Seamlessly executed, with outstanding customer service and without disruption to your operations.
Capture lost profits
Identify systemic problems costing you money
Solve chronic customer or vendor process errors
Carixa™ forensic tools can process, analyze and evaluate massive quantities of data, enabling an effective audit of billings, charge-offs, and credit memos any high volume process where errors can occur. These are just a few examples. Our multi-factor reconciliation and matching technology can handle any type of data on any scale.
UNBILLED REVENUE AUDIT & RECOVERY
Many companies may have significant Un-billed Revenue resulting from high volumes, system snafus, or offline processes. We can uncover significant revenue findings with no interruption to your staff. Our rigorous process, expert auditing, and computer analytics will uncover lost revenues and produce profits.
DEDUCTION RECONCILIATION AND RECOVERY
Backlogs of credits and debits are often “mass” applied and written-off for convenience due to timing, personnel or system limitations, especially during systems conversions or to clean the books for divestiture. We download these records to our systems for analysis, identification, re-billing and recovery of legitimate revenues.
PRODUCT RECALLS IN EXCESS OF FORECAST
A pharmaceutical company issues a recall and returns are 30% higher than expected. Smyyth audited the returns and determined that $17 million did not agree with date and code parameters, and the money is recovered to the bottom line.
UNEARNED DISTRIBUTOR VOLUME REBATES
Wholesale or distributor rebate verification can be impossible to do manually because of the hundreds or thousands of line items involved. We have the technology to perform this function, possible saving tens of thousands of dollars in excess rebate charges.
ACCOUNTS PAYABLE AUDITS FOR OVERPAYMENTS
Our technology can compare purchase orders vs. invoices vs. receiving and inspection documents for pricing overcharges, quantity shortages, discounts, allowances, freight charges, etc., on a retrospective basis to recapture lost profits and identify systemic repetitive problems.
The client’s biggest customer’s showed a balance of $17 million due from our client. The discrepancy resulted from years of cumulative misapplications and errors. We reconciled tens of thousands of transactions of activity and proved that the customer actually owed the client $4.5 million, and collected it, a swing of $21.5 Million.