An unprecedented rate of change is taking place in the healthcare sector. With the rise in technology, many medical billing companies and large physician groups are turning to seek virtual assistants in low-cost countries such as India to help them stay competitive. Here are top 5 most impactful benefits of hiring a virtual medical assistant!

1. Virtual Medical Billing Staff is Cost-effective

Virtual staff is available at 50% less costs than the staff on payroll when we include, benefits and insurance expenses, overhead expenses, and cost for office space. A ratio of 40% internal staff and 60% outsourced staff is good ratio to get the best of both the worlds. While looking for outsourcing partner make sure the staff and trained.

2. Virtual Medical Billing Staff provide More Flexibility

Business is full of surprises. A medical billing company might get a call from a practice to start doing the billing service on a 2 weeks’ notice. Such a time frame is not adequate to hire a new staff. Outsourcing provides the flexibility to hire on a short notice. Similarly, it is possible that a practice has decides to take the billing in-house and wants to terminate the contract by giving 1- or 2-months’ notice. In such a case, the outsourcing staff can be reduced accordingly.

3. Virtual Medical Billing Staff brings more focus on Productivity

When medical billing outsources to a virtual staffing company, they expect weekly status report and measure productivity to get the most out of their outsourcing investments. This brings a focus on data and measurement. This helps improve productivity not only for the outsourced staff but also for inhouse employees.

4. Virtual Medical Billing Staff helps improve Quality

Outsourcing partners such as Probilling have been providing outsourcing services for many-many years to clients across United States. They have established and proven quality and audit checks for the transactions they carry out such as eligibility checks, charge entry, account receivable management, payment posting etc. This helps build a quality mindset, helps put the checks and controls and continually improves the process.

5. Virtual Medical Billing Staff frees up Management Bandwidth

When a medical billing leverages the outsourced staff, they spent less time on hiring, training and managing internal staff. Even the oversight required to manage the productivity and quality is reduced as the outsourcing partner provides the quality and productivity reports. This frees up critical management bandwidth that can be spent on marketing, business development and building client relationships.

It is very obvious that the benefit of outsourcing medical billing staffing or seeking virtual staff for medical billing is a very compelling strategy. It has multiple advantages as outline above. The only word of caution is to choose the partner wisely and choose the partner for long-term.

ProBilling is one of the most preferred choice of medical billing companies and physician group that are looking to take the advantage of trained virtual medical billing staff. Talk to one of our experts and start saving 50% right away.

It’s easy to be intimidated by the idea of growing your business – your medical billing company. You’ve got a great team, you are delivering great service to practices, more medical practices reaching out to you to help them with medical billing. But you do not have enough trained staff to service this demand. Or at times your pricing is higher than your competitors. 4 actions you can take to convert such a situation to your advantage.

1. Create a Hybrid Talent Pool: Along with your own staff, which is on your payroll, look to hire outsourcing services for transactions such as Charge Entry, Account Receivable Management, Payment Posting and Reporting. With such a hybrid model, you get the advantage where your employees focus on building the relationship with the clients, help improve the RCM workflow for the practices, the trained staff from the outsourced company in low cost locations such as India and Philippines carry out the transactions.

2. Reduce Direct Employee/Contractor Cost: Cost of staff and outsourcing should not be more than 65% of your revenue. Hybrid Talent model will help manage this cost because by outsourcing, your company can save staffing costs by more than 50%. It will also give your flexibility to increase or reduce outsourcing based on the demand. By reducing the direct employee and contractor cost, you can offer a competitive price and can also direct funds towards marketing to generate more leads.

3. Moderate Price of Your Services: In most cases, medical practices would enquire with more than one company about their medical billing needs. Besides referral and quality of services, pricing plays a key role in their decision making. By outsourcing, when you save 50% on your labor costs, you can offer competitive pricing and win more clients. And you can add or reduce the outsourced staff based on the demand and keep your direct costs variable.

4. Generate More Medical Billing Leads: As simple as it sounds, generating leads and enquiry for your services could be a very difficult task. Particularly when you are not investing enough in marketing. Hybrid Talent model would reduce your direct costs and that can be used to increase digital marketing such as Google Ads, Google My Business, participating in conferences, becoming members of MGMA, AAPC and other forums that are frequently visited by the practices.

Most growing medical companies use the approach outlined above. One aspect that is very critical for the success of this approach is to find the right medical billing outsourcing partner. The outsourcing partner should have focus on training the staff on medical billing, various PM systems, quality frameworks such as six sigma and data analytics. Another aspect to consider is that your outsourcing partner should at least have 100 employees. This indicates they can support your needs and has a strong business to be your long-term partner.

ProBilling is one of the most preferred choice of medical billing companies that are looking to take the advantage of outsourcing and building a hybrid talent model to achieve growth. Talk to one of our experts and start saving 50% right away.