Potential ROI on Hiring A Virtual Assistant
Want a wildly successful medical practice, countless patients waiting to grab an appointment to see you and tons of community-wide free publicity?
- It’s no secret that success is measured by growth. So it makes sense that if you want to keep your patient base growing along with your revenue then you have to get smart about systems you implement in your practice that give you the most ROI for your efforts.
- Consistent growth isn’t for the faint of heart. It takes a warrior-sized fight to keep waking up and putting out the effort, perseverance, and diligence to keep your practice growing. But it takes something else, too. It takes strategy.
The Key? An Effective Strategy
Cold, hard, calculating strategy. Strategy that has you working smart, not hard. Strategy that positions your practice as the only option when patients are looking for you. Strategy that carries you when you’re battered and bruised from getting out there day after day fighting the good fight.
- Without the right strategies, no business can survive. You have to know where you’ve been, where you are AND where you’re going in order to make the executive decisions required to keep your practice thriving.
- So, how do you grow your practice on the right strategies? By focusing on the key reasons practices don’t grow, the pain points of your business, and the benefits of shifting your thinking around the way you’ve handled your practice so far. We’re going to discuss these now.
Don't Work Hard, Work Smart
Many practices continue to rely on their existing staff to handle functions that require a high level of specialty. For example, most practices would require their in-house staff, without the qualifications and experience, to handle their medical billing, credentialing, enrollment, and other processes.
This is a huge mistake- HUGE!
Here’s why– Overburdening your existing staff with functions they are not qualified to handle will only serve to screw up their current responsibilities. The answer isn’t to stretch your staff beyond what their capacity or skill sets are; it’s to empower them to do what they do best.
- You may be a great physician, but if you have a staff that is overworked and underskilled, it’s going to sneak up and smack you on the back of the head. And when it does? It’s going to hurt! Don’t sit around waiting for it. Instead, the key is to put the right people to do the right job.
- There are important administrative tasks associated with healthcare practices, which when streamlined can make them more efficient. The increasing number of administrative tasks can divert the time and focus of physicians and their staff from clinical functions.
Pinpointing the Weak Spots in Your Practice
You must have a firm grasp of the current state of your business. You can’t afford any surprises or unexpected trouble. That means that you must know every single weakness and need your business has. This is obviously easier said than done because no one wants to address our weaknesses. However, that’s exactly how dark shadows are created and the problems breed in the dark. The inefficient management of your administrative tasks can make you feel that things are out of your control. It can also bring a sense of frustration and helplessness, especially when you notice how the inefficiencies impact your medical billing process and collections.
Here’s How To Immediately Improve your Office Efficiency
- Imagine a scenario where everything was working the way you wanted and you had complete control over this important aspect of your practice. Not only that, but you could clearly see your strategy playing out in front of your face. Every element of your plan is in forward momentum. Every staff member is doing what they’re supposed to do on your behalf. Your business is in the safe hands of a higher order system working for you.
- Here’s how you get there– you partner with a management services organization (MSO) to manage your administrative tasks so that they can help reduce or eliminate your administrative burden. When it comes to partnering with an MSO, you should understand your core competencies. These are functions that are critical to your business. You are qualified and trained to do them better than anyone else in your facility. This includes clinical care and relationship building.
- These functions are meant to be kept in-house for optimal quality control. It is these areas that differentiate you in your field of medical practice. Then there are areas such as medical billing, IT support, and legal expertise that make just the right services to be outsourced. Whether you have a small or medium-sized practice, it can be difficult and expensive to hire and maintain specialized skill sets to handle these services in-house. Besides, you will have to invest the required equipment and resources too.
- Managing your administrative tasks in-house and in an efficient and effective way requires hiring and paying enough to your team. You will also have to evaluate if they are doing their job right. You will also have to invest in the right software, hardware, and other resources. This is also an important area where outsourcing makes more sense.
The key areas where your practice can benefit from outsourcing to MSOs include:
- Credentialing and licensing
- Medical billing services
- Payroll and accounting
- Virtual assistant (VA) services
- Talent acquisition
- When you choose to partner with the right MSO, you can get access to professional and specialized services at a fraction of the cost. For example, such companies take care of the health insurance and other benefits of their teams.
- When your MSO takes over your back office functions, you will find the time required to do what you do best- taking care of your patients. When you enter into a contract, the agency will handle the non-clinical functions that you want to outsource. Keep in mind that such an agency enters into similar contracts with multiple practices to provide similar functions.
- When your MSO handles your billing process, they can negotiate better reimbursement rates with the insurance companies. They can also help save on the cost of essential documentation for 3rd-party payors because they have dedicated professionals for the function.
Not Just Any Service Provider Will Do
If you want to grow your practice, you cannot just hire the services of any MSO. It has to be a managed service provider with qualified staff with the skills required to complete the tasks efficiently and prevent any surprises from affecting your practice. With advancements in technology, the right MSO should be able to remotely access networks and deploy solutions for different types of challenges.
We Are That Managed Service Provider
As a practice owner or manager, do you ever wonder how you would handle your processes if your in-house staff were not available? When you choose to partner with an MSO, there is always another virtual assistant available to take care of your business activities. At Neolytix, we go beyond providing top-quality and specialized services to your clients. We also plan for any contingencies and have the resources to fix any issues.
Avoid High Turnover
A high employee turnover can cripple a practice. This is more so the case at times when your patient numbers surge, administrative burdens increase, and there is a shift towards value-based reimbursement systems. We are the MSO that other MSOs turn to when they need advice or guidance. We have the experience and resources required to help our clients with the non-clinical, administrative aspect of their practice. All our team members are experts in their field of specialization. Each one has undergone thorough background checks and vetting and is tested to ensure that we always provide high-quality services to our clients.
If you want to grow your practice and save time and money, you should consider Practice Tech Solutions. We provide professional assistance in running and growing your practice. If you want to know more about our services, feel free to contact us. You may reach us at 224-900-1110, or send us your queries by firstname.lastname@example.org.