Whether your clinic is established or you're just starting out, efficient, accurate billing processes are essential.
Billing errors are common, and they can impact both your budget and patients' experience.
After an audit, one company found that the average error on hospital bills of more than $10,000 was around $1,300. And each year in the US, doctors lose around $125 billion due to poor billing practices.
Billing is time-consuming, and leaving this task to your in-person team isn't always practical. For many healthcare professionals, the most affordable solution is to outsource their medical billing.
What are the advantages of outsourcing medical billing? What other tasks can you get remote assistance with? Read on to find out.
What is medical billing?
When patients visit a healthcare practitioner, there are fees attached. If a patient has health insurance, they can claim some of the cost.
This can be complicated, and as a healthcare provider, you can support your patient throughout the process. Medical billing involves helping patients complete insurance forms, submitting those forms to health insurance providers, and following up on any claims.
In a healthcare setting, keeping on top of your medical billing, invoicing, payments, and bills is important for your cash flow. You'll be able to pay your staff on time and flag any errors before they affect your business.
If your practice doesn't have a medical billing team, outsourcing is a good option. With the help of Hello Rache, you can keep your finances up to date. Plus, we can do a range of other tasks, such as scheduling appointments, transcribing documents, and answering phone calls.
Want to learn more about our professional Healthcare Virtual Assistants (HVAs)? Contact us today. Our friendly staff will talk to you about our company and explain how our service works.
How does outsourcing work?
Hello Rache has a team of experienced Healthcare Virtual Assistants who are available when you need them. Whether it's during traditional work hours, evenings, or weekends, our remote workers are available.
HVAs can perform a range of duties, including medical billing, transcription, and calendar management. There's a flat rate of just $9.50 per hour, and you'll never have to pay them overtime.
When you sign up for our services, we'll chat with you to work out your unique needs. We'll find the right talent match for your healthcare setting and job requirements. In most cases, you can use the same person so that they can get to know your processes.
You can communicate with your HVA via secure video conferencing software. You can set a schedule, talk about your expectations, and answer any questions you may have.
Rest assured, our HVAs can work independently and come with industry experience. They understand medical terminology as well as the medical billing process.
What are the benefits of outsourcing your medical billing?
Why should you outsource your medical billing? Here are some of the top benefits:
1. Save time
There's a long list of administrative tasks in the healthcare industry. Your in-house team may be overwhelmed with duties such as booking appointments, updating medical records, keeping the office space tidy, and answering patient queries.
Accurate, efficient billing is a time commitment. You can take the pressure off your medical office team by using a remote medical billing service.
When you outsource specific tasks, you can improve the morale of your in-house employees. Your existing team can have a better work-life balance, and if someone needs a sick day, it won't impact your workplace productivity.
If you want to save time without hiring a full-time employee, outsourcing your medical billing is an option worth considering.
2. Prioritize patient care
Giving your patients a positive experience will help your medical practice grow. Outsourcing to medical billing specialists can directly impact patient satisfaction.
First, the patient will have someone to support them with their medical claims. Then, with the HVA's attention to detail and quick turnaround, the patient's claims will be processed with speed and accuracy. If the patient has questions or needs help filling out forms, they can speak to the medical billing team.
Plus, outsourcing helps all of your patients. With remote support, your healthcare professionals and in-house employees can focus on other tasks. For example, doctors will have more time to spend with patients, and office staff won't be preoccupied, which can equate to faster service.
3. Improve your cash flow
Outsourcing your medical billing can help improve your cash flow. You can get paid quicker, and this can have a positive effect on the rest of your processes.
When you stay on top of your cash flow, you can stick to a budget. This will help you determine where the business sits financially so that you can create new goals.
If you're looking to expand or add new team members, a healthy cash flow will help you achieve these goals. You can pay your staff on time, leaving you with a happier workforce.
Furthermore, you can pay your creditors before the due date, saving you money on late fees.
4. Reduce errors
There are strict federal and state laws around medical billing. If you want to remain compliant, you need to eliminate fraud and reduce human errors.
Remember, billing errors can lead to underpayments or overpayments.
When you outsource to an experienced medical billing team member, they'll work with accuracy and efficiency. Because they're up to date with billing processes and can build relationships with insurance providers, this challenging task will be a breeze.
Your HVA will work remotely and have a quiet workspace that's free from distractions. They won't be juggling multiple tasks at once; instead, they'll be able to focus on getting each job done right.
5. Access experienced team members
Dealing with insurance companies and financial obligations requires experience and training. You may not have in-house medical staff who can confidently take on this task.
Depending on where you live, it may also be difficult finding qualified candidates. For example, those in remote areas may have limited access to new staff. And if you do need to train your employees, this can take more time and money.
When you outsource your work to our HVAs, you'll get access to experienced team members. Having undergone HIPAA training, our team knows how to maintain confidentiality. They will meet all compliance targets and can work unsupervised.
6. Get accurate records
Medical billing isn't just about dealing with insurance claims. Accurate records need to be maintained with care and confidentiality.
Most medical practices use electronic health records. There are different types of information in these digital files, such as the patient's personal details, medical history, treatment plan, insurance details, and billing history.
A range of healthcare professionals can access these files. When you maintain them, this ensures that each patient gets the right information. If they want to ask a question, your in-house team can pull up their file to get the answer.
With a hard-working remote team member, your records will be kept updated.
7. Lower your costs
If you run a successful practice, you know the importance of making the right purchasing decisions.
Do you want to lower your costs while still giving your patients excellent service? Outsourcing is the answer.
Here's an example: The average wage of a full-time medical assistant is $17.88 per hour. Plus, there are additional costs for advertising the position and onboarding and training the new employee. You'll also be responsible for overtime, insurance benefits, and paid time off (PTO).
A remote HVA from Hello Rache costs much less than this, and there are no commitments or hidden costs. With their flat rate of $9.50 per hour, using an HVA makes financial sense.
What other administrative tasks can you outsource?
There are other things you can outsource besides your medical billing tasks.
What can Hello Rache help you with? Let's take a look at some of our most popular services.
Does your healthcare practice need help with transcription? This is an area that our HVAs excel in.
We offer two options, and help can be available either during or after patient visits.
First, there's our traditional transcription service. Our team members can listen to your recordings and create accurate documents based on them.
Alternatively, there's our virtual scribe service. With this option, an HVA can be in the room with you — via video chat — when you treat patients. They can update patient records in real time so you can focus on providing medical care.
Hello Rache's HVAs have fast, accurate typing skills and excellent listening skills. They have all the tools required for the task, including a reliable computer, headphones, and internet.
Support your office team by outsourcing your scheduling requirements to Hello Rache. We can book appointments over the phone or online.
With excellent time management and organizational skills, our HVAs can improve your patient flow and make sure nothing is ever double-booked.
If a patient wants to cancel an appointment, the HVA will make sure the change is recorded and the appointment is rescheduled if required.
Our team can even help reduce the rate of no-shows by sending SMS reminders to patients the day before their appointment. Our HVAs have excellent communication skills, and maintaining happy patients is a priority.
We can also make travel arrangements and schedule meetings for your medical professionals.
3. Data entry
Our HVAs are experienced in data entry. Outsourcing this repetitive task to an HVA can give you more time to spend with your patients, ultimately helping you streamline your processes.
There are different types of data entry. For example, you may need support updating patient records, bookkeeping, or staff files.
HVAs are confident using common software, such as Microsoft Excel, and accounting programs, such as Xero and MYOB. Even if you use dedicated health software at your practice, our tech-savvy HVAs will quickly learn to navigate it.
With cloud-based software, your data can be updated from anywhere. An HVA has computer skills, attention to detail, and math skills. They also have high security settings and know how to keep sensitive data safe.
4. Phone calls
HVAs can manage your phone lines. They can answer calls and give patients the information they need. Or, if they don't have the answer, they can forward the caller to the appropriate person.
HVAs can also screen calls, put callers on hold, and take messages — all while maintaining patient privacy.
If you prefer, an HVA can make phone calls. They can call patients to confirm appointments or get information from other healthcare specialists. HVAs can also ring insurance companies and suppliers.
Our team has excellent phone skills, organizational skills, and time management. They can work independently, and they make sure each phone call they take is handled with professionalism.
5. Social media management
When used correctly, social media can be beneficial for your medical practice.
You can share updates about your practice, such as new services or changes to operating hours.
Social media can even be used to promote awareness of different health concerns. For example, you can use it to focus on specific issues, such as healthy eating, heart disease, or lung cancer.
Additionally, social media can help maintain a positive reputation by providing resources to, and helping you engage with, your community.
However, managing your social media profiles can be a full-time job. The good news is that an HVA can update your Facebook, Instagram, and other business profiles whenever there's something to share.
They can also provide excellent customer service by responding to both private and public messages on these platforms.
Outsourcing medical billing
Thinking of outsourcing your medical billing? If you decide to take the plunge, there's a long list of advantages.
Outsourcing your medical billing saves you time so that you can focus on providing excellent care to your patients. Keeping on top of this daunting task helps you reduce errors while improving your cash flow.
Skilled employees aren't always easy to find, but if you go remote, you can access experienced team members at a fraction of the cost of an in-person medical assistant.
There are many other administrative tasks you can outsource. Our team of HVAs can support you with a range of duties, including transcription, scheduling, data entry, phone calls, and social media management.
Have questions? Or do you want to get started? Contact Hello Rache today.