Image

Virtual Medical Assistants: The Future of Medical Billing

As medical practices move towards a more paperless environment, virtual medical assistants (VMAs) are becoming increasingly crucial in medical billing and coding tasks in the healthcare industry. Virtual assistants can help physician practices save time and money by creating claims, submitting insurance claims, maintaining patient files, and more. In healthcare settings, everything is constantly evolving. Virtual assistants working as medical coders obtain a more significant role to play in the future of medical billing and coding.

Medical billing and coding process

Medical billing is submitting and tracking an insurance claim with the insurance company. The process of charging for medical services can be difficult and drawn out. Even without the claims process, with the help of a virtual medical assistant handling your revenue cycle management software, it can be much more straightforward.

medical invoice

Medical coding is transforming medical services, such as diagnoses and procedures performed, into universal diagnosis codes. These codes are used to track medical claims and patient payments. Medical coding is an essential part of the medical billing process, and correct and valid codes must be used to ensure proper reimbursement from insurance payers.

With the help of a virtual medical assistant, medical practices can ensure that their coding is accurate and up-to-date, just like the work of professional coders. Virtual medical assistants can help save time and money and ensure that claim forms are processed quickly and efficiently. Here are the general steps of the medical billing process:

Patient information

Virtual medical assistants can handle new patient registration when they call for an appointment. During this patient encounter, vital information must be gathered for new patients or verified for regular ones. Every patient account includes the basic demographic information on a patient, such as a name, birth date, and the reason for their visit. Medical insurance information is also gathered at this stage, including the insurance provider’s name and the patient’s policy number.

It is necessary for healthcare providers like yourself to know which healthcare services are covered by your patient’s insurance plans. A medical record containing insurance coverage information is also necessary for claim preparation or prior authorization during every billing cycle.

A virtual medical assistant can also help by keeping each patient’s medical record up-to-date and organized. Updated records are essential for provider organizations to justify medically any healthcare services or medical care that a healthcare provider performs. Ultimately, the patient’s financial responsibility is to shoulder any medical bills they receive. This responsibility includes payments for Medicaid services and co-pays, deductibles, allowable reimbursement, and other expenses.

Virtual medical assistants can ensure during each patient encounter that they are aware of their responsibilities, provide information on payment plans and help with any questions patients may have.

Financial capability

Virtual medical assistants can play a vital role in verifying a patient’s financial capability. They can help by reviewing the insurance details to identify covered procedures and services to lessen the possibility of a rejected or denied claim. Spending the time to explain and communicate any expenses that the insurance provider organization will not cover may assist consumers in determining how much patient financial responsibility applies. This strategy helps to ensure that the patient is aware of any expenses they may incur and helps patients avoid any surprises later on.

Coding and superbill

Medical coding is the process of translating medical information into alphanumeric codes. This is necessary to submit claims to insurance companies or third-party payers. A virtual medical assistant can be helpful in this process by transcribing medical reports into diagnosis and procedure codes. This can help to ensure that all claims are accurately coded and that no critical information is missed.

Another important task for medical billing is the creation of a superbill. A superbill is a document that includes healthcare provider and clinician information. It also includes the patient’s demographic information and medical history. This superbill includes information on the procedures and services performed and the appropriate diagnosis and procedure codes. This document is used to submit claims to insurance companies, so it must be accurate and complete. A virtual medical assistant can help to create a superbill that is accurate and easy to understand.

Create insurance claims

One of the medical biller’s jobs is to create claims. This claims document contains all the information needed to submit a bill to an insurance company. A virtual medical assistant can help create accurate and complete claims. They can transcribe medical reports into diagnosis and procedure codes, ensuring that all information is included. This will help to ensure that claims are submitted correctly and that no vital information is missed.

Virtual assistants can also help to review claims before submission. They can check to ensure that all required information is included and that the claim meets HIPAA compliance standards. This can help avoid rejected claims and ensure that the medical practice receives payment for services rendered.

Submitting claims

It is probably a critical step in the billing process, as it involves submitting claims to insurance companies or third-party payers to get reimbursed for services rendered. A virtual medical assistant can help by submitting claims electronically. Their knowledge and experience in medical billing and coding can help ensure that all claims are accurate and complete. Claims are also submitted promptly.

 Virtual assistants can also help to track the status of claims. They can check to see whether the claim has been received by the insurance company and whether it has been approved or denied. This can help to keep the medical practice informed on the progress of each claim.

medical billing record

Claims may be accepted, rejected, or denied at this stage. Accepted claims will be paid by the agreement between the insurers and healthcare providers.

 Rejected claims are those with errors that must be corrected and the claim resubmitted. VMAs are vital for this stage as they can monitor you, make the necessary corrections, and resubmit the claim on time.

 Denied claims are those that the payer refuses to reimburse. VMAs are also critical for this stage because you would need someone to review the claims to note and determine the cause of the denial and make the appropriate changes. Monitoring claims adjudication is already a time-consuming task, especially when you have a lot of patients. Following up with rejected or denied claims requires more time that could take a toll on you and your staff.

Following up on claims

VMAs can help get the burden off you and your staff by following up on denied claims and trying to get them approved. Medical claims may be rejected or denied by insurance companies for various reasons, such as:

1) Eligibility

A VMA would need to recheck your provider ID number to determine if the information is correct. The provider ID number would verify that you are an eligible member and valid for a claim.

VMAs can help avoid eligibility rejections or denials by ensuring that the patient provides accurate information before or during registration and scheduling of appointments. They can obtain copies of the patient’s health insurance card and ensure no data entry errors. They can also verify eligibility and benefit coverage dates and obtain necessary authorizations.

2) Invalid or incorrect Medicare ID number

A VMA would need to recheck your patient’s card to ensure that the number provided and the format is correct. They can also call out to verify this information with the client if necessary.

3) Diagnosis code error

Diagnosis codes must be valid for the date of service (DOS). When you have a different coder, your staff must verify the codes with them, which could be an ordeal when your practice gets busy.

Virtual medical assistants allow you to get the most revenue per service by ensuring that they are coding at the highest level per procedure using the most up-to-date codes. Codes must be as specific as possible.

A virtual medical scribe is a type of medical assistant that helps prepare and organize back-end medical billing and coding. Virtual scribes ensure accurate and complete order entry and medical coding to avoid rejections due to a missing or invalid diagnosis code. They can also verify that the diagnosis is active for the service date. They can also ensure that the diagnosis is consistent with the procedure.

4) Invalid or incorrect National Provider Identifier (NPI)

VMAs can ensure that your healthcare practice’s tax ID and provider information is up to date. VMAs can also confirm the billing provider is licensed with the payer or payers to avoid billing provider “missing or invalid” rejections. Ensuring that they are enrolled to submit electronic claims and confirming that the correct group or individual NPI and tax ID is licensed reduces the possibility of rejected or denied claims.

Billing patients

Medical billing can be a tedious task. You have to keep track of what procedures were done and their related costs, and you also have to generate the billing statement itself. Sometimes, patients may be responsible for paying a portion of their medical bills themselves. This is where virtual medical assistants come in.

A virtual medical assistant can help by sending out invoices and collecting patient payments. You can quickly generate patient bill statements without worrying about any details with the help of a virtual assistant. The medical billing statement generally includes a detailed list of the procedures and medical services provided. A breakdown of their costs, the amount paid by insurance, and the amount due from the patient are also included.

Other administrative tasks

Virtual medical assistants can also help with other administrative tasks such as scheduling appointments, answering phones, etc.

VMAs can help with various medical billing and coding tasks, from submitting claims to maintaining patient files. Medical billing and coding are time-consuming and complex, but virtual assistants can help simplify this process and free up valuable time for medical practices.

medical billing virtual agent

A virtual medical assistant can perform medical billing and coding tasks remotely. Virtual medical assistants often use medical software, such as electronic medical records (EHRs), to streamline the billing process.

Cost of traditional medical billers vs. virtual medical assistants

The cost of a traditional medical biller can vary depending on the size of the medical practice and the region of the country. Generally, medical billers earn an annual salary ranging from $25,000 to $50,000. In addition, medical billers may also receive benefits such as health insurance, paid time off, and 401k contributions.

Medical billers may seem expensive, but they are essential in ensuring that medical practices can get paid for the provided services. A medical biller is accountable for transmitting insurance companies’ claims, collecting patient payments, and resolving billing disputes. They also help keep track of patient files and ensure that all billing-related paperwork is filed correctly.

Given the importance of medical billing and coding in today’s healthcare landscape, medical practices must have a skilled and experienced biller on staff. While the cost of a medical biller may be high, the benefits they provide used make them well worth the investment.

The process of medical billing involves the critical part that medical coders play. They are responsible for translating medical terminology into procedure and diagnosis codes that the insurance company can understand along with other medical professionals. The increasing popularity of using electronic medical records makes medical coders a necessity. They are critical in ensuring that medical bills are accurately coded and processed.

Recent technological advancements made it possible for healthcare providers to save costs by hiring virtual medical assistants. The cost of virtual medical assistants can vary depending on their services. Typically, virtual medical assistants charge by the hour, and their rates can range from $25 to $50 per hour. You can get a lower quote with Portiva for the same quality work. However, some virtual medical assistants offer package deals that include a set number of hours per month or week.

Virtual medical assistants can help medical practices save time and money by performing medical billing and coding tasks such as submitting claims, maintaining patient files, and more. As the medical industry continually moves toward a more paperless environment, virtual medical assistants will play an increasingly important role in medical billing and other administrative tasks.

By outsourcing to a medical billing specialist, practices can save time and money while increasing efficiency and accuracy. Portiva’s industry-leading vetting service ensures that a healthcare provider receives the best virtual medical assistant.

Benefits of hiring Portiva

There are many benefits of having Portiva’s virtual assistants. The following are just a few of them:

Reduced cost

Virtual assistants are a fraction of the cost of traditional medical billers. On average, medical practices can save over 50% on medical billing costs by using a virtual assistant. With Portiva, we allow healthcare practitioners to find quality recruits at one-fifth the cost of a full-time professional, starting at $10/hour.

Increased efficiency

By outsourcing medical billing tasks to a Portiva virtual medical assistant, medical practices can free up valuable staff time and energy to focus on more critical tasks. Practices increase their efficiency by performing tasks such as submitting claims, maintaining patient files, and more. In addition, virtual assistants can often be used to schedule appointments and answer phones.

Accurate billing

Virtual medical assistants are highly skilled and experienced in medical billing and use the latest software to ensure accurate and compliant billing. Using a VMA, you can rest assured that your bills are accurate and meet all the necessary requirements. By outsourcing, you may save time and effort on this task with a virtual assistant.

Improved patient satisfaction

By outsourcing medical billing tasks to a virtual medical assistant, medical practices can improve patient satisfaction by ensuring on-time payment of all bills and that any billing disputes are resolved quickly. In addition, by using a VMA, medical practices can improve communication with patients and keep them updated on the status of their bills.

Streamlined process

Virtual medical assistants work seamlessly with electronic medical records (EMRs) and other medical software to help streamline the billing process. Streamlining ensures that all claims are submitted correctly and promptly.

Preventing physician burnout and medical staff attrition rates

Physician burnout and medical staff attrition rates are on the rise, and medical practices need to take steps to address this problem. By outsourcing medical billing tasks to a virtual medical assistant, medical practices can reduce physician burnout and improve staff retention rates.

Medical assistants are highly skilled and experienced in medical billing and use the latest software to ensure accurate and compliant billing. Using a VMA, you can rest assured that your bills are accurate and meet all the necessary requirements. By outsourcing, you may save time and effort. This task to a virtual assistant.

In addition, virtual medical assistants can help medical practices save time and money by performing medical billing tasks such as submitting claims, maintaining patient files, and more. A more paperless environment is what the medical industry is leaning toward, and virtual medical assistants increasingly play an essential role in medical billing and other administrative tasks.

By outsourcing medical billing tasks to a virtual assistant, medical practices can reduce physician burnout and improve staff retention rates. Virtual medical assistants can help medical practices save time and money by performing medical billing tasks such as submitting insurance claims, maintaining patient files, and more. As the medical field continues to move towards a more paperless environment, virtual medical assistants will play an increasingly important role in medical billing and other administrative tasks.

As the medical field continues to evolve, medical practices must adapt to stay competitive. Using virtual medical assistants to perform medical billing tasks is one way to do this. Virtual medical assistants are a cost-effective and efficient way to handle medical billing, offering many benefits over traditional medical billers. If you want to improve your medical practice’s bottom line, consider hiring a virtual medical assistant.

Portiva offers the best virtual medical assistants in the industry. Our highly experienced and skilled professional team is available 24/7 to help you with all your medical billing needs. Contact us today at www.portiva.com to learn more about how we can help you save time and money.

We have been selected among the Top Medical Billing Companies by Designrush”