Potential ROI on Hiring A Virtual Assistant
Latest surveys show that around 81% of healthcare providers with fewer than 300 beds outsource some form of their office and admin processes or systems. This provides them instant access to the latest technology and an expert team. This is helping practices to drive greater returns, especially in the area of patient care – the critical priority area for all medical offices.
At Neolytix, we would like to shed light on the positive impact of outsourcing on patient care via patient care associates.
The survey found that the decision to outsource helps create a positive ROI. Most of the respondents in the survey claimed they are already able to achieve or were close to achieving a full return on their investment within three months.
Handling record-keeping functions in-house causes cost fluctuations due to factors such as employee turnover or requirement for additional headcount. Most practices cannot afford the time and cost to hire, train, and retain the skill set.
It has been found that a positive ROI is achievable more reliably with outsourcing. Costs become more predictable and the processes more efficient. Outsourcing administrative tasks goes a long way in improving patient care. All data becomes centralized and readily accessible. Physicians and healthcare providers will get a clear picture of the patient’s medical history.
Outsourcing Revenue Cycle Management
Over the past few years, more and more medical offices have benefited from outsourcing their Revenue Cycle Management (RCM). According to a survey, 79% of healthcare CFOs take ROI seriously when outsourcing. Due to the economic impact of the pandemic, the importance of a more efficient RCM has increased further.
Improved Patient Care By Using Patient Care Associates
RCM is a time-intensive activity for medical offices of all sizes. As a practitioner or healthcare provider, patient care is your top priority. You should not be spending hours every week completing the documentation. Outsourcing your RCM services to patient care associates allows you to focus your time on the core aspect of your practice – patient care.
A single missed code or error can cause loss of income in the hundreds or thousands. It will be followed by hours of communication with insurance/collections companies. Save valuable time and spend it on patient care.
Misconception about ROI in RCM Outsourcing
There is a common misconception about the ROI generated by RCM outsourcing. Outsourcing this function brings benefits in the following areas:
- Integration of financials with patient portraits
- Sending out electronic statements/reminders
- Providing electronic payment options
- Providing pre-pay options
These benefits strengthen reimbursement and cash flow, leading to measurable ROI on the services.
Outsourcing Claims Processing System
Medical claims processing requires efficient coordination between providers and insurance companies. There are different levels of challenges in the process, including:
- Processing speed
- Administrative costs
Outsourcing claims processing will again allow you to focus on your core function – patient care. Some of the key areas where claims processing outsourcing can benefit your practice are as follows:
Patient coverage verification helps free up time and effort for practices. You can quickly and accurately access the following information about your patients:
- Meeting deductible
- Maxing out the number of visits for a specific case
- Becoming ineligible due to certain reason
Quick access to this information can help you spend more time with the right patients.
Reduce Your Administrative Duties
Outsourcing can allow your staff to address more demanding activities such as responding to patient inquiries or educating them on their conditions.
Faster Claims Processing
The outsourcing of routine administrative tasks can help your business work more efficiently and effectively. A properly coded and expedited claim can help achieve maximum reimbursement. You can expect your payments to be processed within a couple of weeks, not months.
Running a clinic, hospital, nursing facility, or other healthcare facility involves a lot of work. You will have to connect with new patients, hire new staff, manage daily operations, and do much more while also providing care to your patients.
Juggling between these activities can leave you less time for providing patient care. When you outsource your administrative tasks, it helps take most of the burden off your shoulders. It will also put the specialized tasks in the hands of experienced and qualified professionals, thus eliminating costly errors.
Cost Comparison of Outsourcing Billing
|Ongoing Cost Heads||In-House Costs||Outsourcing Costs|
|Billing staff salary plus benefits and office supplies costs||$29,500||$1,600 (Based on 2 hours per week services and $15 per hour)|
|Claims Processing Costs (Clearinghouse Fee)||$1,200||$24,500|
|Net Collections||$522,500||$ 613,150|
Typically, medical billing outsourcing services have collection rates higher than 85%. Your net collections can be even greater. Besides, spending more time on patient care can help you serve more patients per day and enhance the quality of care. These factors can further contribute to an increase in revenues and collections.