Cost Savings with VA

Reduced Administrative Costs

1. 1. Lower Payroll Expenses: Virtual assistants are often more cost-effective than hiring full-time in-house staff. They typically require fewer benefits and can be hired on a part-time or as-needed basis.
   2. Decreased Overhead: With virtual assistants working remotely, there is less need for office space and related expenses such as utilities and office supplies.

Improved Efficiency and Productivity

1. 1. Streamlined Operations: By handling routine administrative tasks, virtual assistants free up time for in-house staff and doctors, allowing them to focus on more critical and revenue-generating activities.
   2. Reduced Time on Documentation: Medical scribes take over the documentation process during patient consultations, allowing doctors to see more patients in a day.

Enhanced Revenue Cycle Management

1. 1. Faster Billing and Claims Processing: Virtual assistants can manage billing and claims more efficiently, reducing delays and errors, which in turn improves cash flow.
   2. Improved Patient Follow-up: Virtual assistants can ensure timely follow-up on unpaid claims and patient balances, increasing collections.

Increased Patient Volume

1. 1. Better Patient Scheduling: Efficient appointment scheduling and reminders reduce no-show rates and optimize the patient flow, enabling the practice to see more patients.
   2. Higher Patient Satisfaction: With administrative tasks handled promptly and efficiently, patients experience better service, leading to higher satisfaction and more referrals.

Example Calculation

Let’s consider a scenario for a solo practice:

• Cost of In-House Staff: Hiring a full-time administrative assistant or medical assistant in a practice, working 38 hours a week, might cost $43,470 per year in salary PLUS benefits.
• Cost of Virtual Assistant: A virtual assistant might cost $10 per hour. For a full-time assistant working 36-40 hours per week, the annual cost would be approximately $19,800.

Savings:

• Direct Payroll Savings: $43,470 – $19,800 = $23,672 per year.
• Increased Revenue from Additional Patients: If a provider can see 2 additional patients per day, means 10 patients per week, due to increased efficiency, and each patient visit generates $100, that’s $1000 extra per week, or $52,000 per year (or conservatively taken, 75% of this is $40,000 per year) .
• Revenue lost in form of PTO/Holidays, varies from practice to practice

Overall Financial Impact:

• Total Savings + Increased Revenue: $23,672 (payroll savings) + $40,000 (additional revenue) = $63,672 per year.

This simplified example illustrates how hiring a healthcare virtual assistant can result in significant financial benefits, enhancing both savings and revenue for a medical practice.