With an estimated value of $1.6 trillion, the US individual health insurance market is huge. This means that the impact on healthcare companies is equally big. After all, patients need to feel assured that their medical bills will be processed correctly, and this is the responsibility of their healthcare provider. However, medical billing is complex and it’s very easy to make mistakes that can impact your patients and your business. But, with a medical billing virtual assistant on board, you can eliminate these mistakes.
The Ins and Outs of a Virtual Assistant
In the past, medical billing services relied heavily on healthcare assistants who had to be physically present at the premises. These assistants played a vital role in tasks such as organizing appointment schedules, handling secretarial duties, and, of course, getting to grips with the complexities of medical billing. And it worked. However, this setup required them to commute to work every day. Although it may have sufficed previously, it was not necessarily the most efficient way to conduct business. Luckily, thanks to progression, there’s now an alternative.
The advent of high-speed communication technology means you can now employ a medical billing virtual assistant from anywhere in the world. Regardless of whether they are in the Northern or Southern Hemisphere, a virtual assistant can perform any medical billing task that your business puts in front of them. And, no, it doesn’t mean that you need to ship IT equipment halfway around the world. As long as a virtual assistant has access to the internet, they can use their own IT equipment to plug directly into your IT system. This gives them full access to telecommunication software, databases, and hard drives.
In many ways, the emergence of virtual assistants can be viewed as an employment revolution, and it’s recent increase in popularity, following the Covid-19 pandemic, has underlined its intent to remain relevant. This all sounds very exciting, but how does it translate into the day-to-day activities of a medical billing virtual assistant?
Understanding What a Medical Billing Virtual Assistant Can Do
If you need someone to handle a medical billing task, then there should be only one person you turn to: a medical billing virtual assistant. And this isn’t just because of the numerous benefits they can offer, such as a straightforward hiring process, reduced overheads, and incredible levels of experience. The main reason for bringing a medical billing virtual assistant into your team is because they excel in all the following areas:
Streamline the billing process:
One of the major attractions of a medical billing virtual assistant is that, as a one-stop shop solution for medical billing, they can streamline your billing process. And this is all thanks to their expertise in medical billing codes, insurance claim submissions, and payment follow-ups. By handling these intricate tasks, they ensure accuracy and efficiency, freeing up valuable time for healthcare professionals. With their specialized knowledge, a virtual assistant can navigate the complexities of billing procedures smoothly and improve revenue cycle management.
One of the key ways a medical billing virtual assistant can help a healthcare business is by handling insurance verification. This is a time-consuming task, but with their expertise, a virtual assistant can gather all the necessary information and confirm patients' insurance coverage. By ensuring eligibility and accuracy, they save valuable time for healthcare providers and prevent claim rejections. And, thanks to their attention to detail, they make sure that claims are submitted to the correct insurance providers, ensuring smooth billing processes and improved reimbursement rates.
Claim submissions and chasing up:
It’s crucial that claims are submitted promptly and correctly, but it’s equally important that these submissions are chased up. And this is exactly what a medical billing virtual assistant can do. They handle the entire process, from preparing and submitting claims to tracking their progress. Most importantly, they ensure that claims are submitted accurately and on time, meeting all requirements and deadlines. This approach maximizes the chances of a claim being successfully reimbursed.
When patients or insurance companies have queries about medical bills, it can create confusion and frustration. This is when a skilled medical billing virtual assistant can step in. They act as a reliable point of contact, addressing billing inquiries promptly and professionally. Whether it's explaining a charge, clarifying insurance coverage, or resolving discrepancies, they can handle these situations with ease. The end result is smooth communication and a positive relationship between all parties involved.
Working with billing software:
Managing billing software is an important aspect of medical billing, and, thanks to their experience, a medical billing virtual assistant can handle this task regardless of the software your business uses. With a vast knowledge of billing software such as AdvancedMD, AthenaHealth, and eClinicalWorks, specialist virtual assistants can easily navigate and get the best out of your software package. This allows you to deliver a streamlined and efficient service which ensures you can operate at your full potential.
Coding and documentation:
One of the most pivotal roles in the medical billing process is coding and documentation. If you fail to do this correctly then it can seriously impact your chances of receiving reimbursement. Therefore, you need a world-class medical billing virtual assistant on your side. They will be able to meticulously review medical records, decipher complex diagnoses, and assign the appropriate codes. Also, they can help maintain compliance with coding guidelines, such as the Current Procedural Terminology (CPT) and International Classification of Diseases (ICD) coding systems.
Revenue cycle management:
A critical aspect of running a successful healthcare business is revenue cycle management, and a medical billing virtual assistant can play a vital role in optimizing this. They will track and monitor claims as they progress through the billing cycle, identifying any bottlenecks or issues that may be impacting revenue generation. By addressing these challenges, they help ensure that claims are processed efficiently and payments are received in a timely manner.
Bringing a Medical Billing Virtual Assistant into Your Team
If you want to enhance your healthcare business, then it’s clear to see that employing a medical billing virtual assistant will help you achieve this. From their high levels of productivity to their cost-effective nature, they represent a business solution that is hard to ignore. But where do you find these marvels of the modern age? Well, look no further, as this is where Hello Rache can help you.
Thanks to our years of experience in this niche, we have a large roster of virtual assistants raring to get started with your business. So, if you want to take that next step, just get in touch with us here and we’ll get back to you within 24 hours.