In this episode of the Prosperous Doc®, our host Shane Tenny, CFP® welcomes Beth Lachance, CEO of REVA Global Medical, to discuss how she became one of the leaders in the virtual professional evolution in medicine.
Many years ago, Beth Lachance realized that there was an opening for virtual professionals in medical and dental practices. She began working on her business plan and fine tuning what would become REVA Global Medical.
Then COVID happened. “In the medical world, they quickly realized that, wow, not only is this possible, but this could be amazing and a great long-term solution to staffing needs in medical practices,” says Beth. “So with that, my business just expanded and exploded overnight.”
From front desk and clerical work to back-end insurance dealings and accounting needs, the medical virtual professionals at REVA are alleviating the stress caused by a low supply of healthcare employees. REVA prioritizes forming true partnerships with practices and physicians. Their interest is not in replacing existing personnel nor outsourcing jobs, but in creating the capacity to do more and better work.
Name: Beth Lachance
What she does: Beth is leading REVA Global Medical in vision and the day-to-day business operations securing the functionality of the business to drive extensive and sustainable growth. Combining her strong leadership and determination with her 16 years of experience as a business owner specializing in real estate project management and investing with Hat Trick Holding, LLC, and over 22 years of corporate experience in the private and public sector of surgical device, pharmaceutical, and specialty pharmacy industries — she keeps the company moving forward with high-level strategy while understanding the details of day-to-day execution to ensure steadfast success.
Company: REVA Global Medical
Words of wisdom: “We are an enhancement to the practice and to the medical staff that's already there in place, because they're overwhelmed and they need to figure out a way of trying to get some of the heavy lifting off of their plates, so that they can be more present with the patients that are there in the practice.”
Connect: LinkedIn
Top takeaways from this episode
[02:28] Defining a new role: A medical virtual assistant can do any number of tasks, including front desk triage, new patient intakes, insurance verifications, prior authorizations, background billing, fax review, and data entry into the EMR.
[05:38] Supporting actor: REVA’s medical virtual assistants are an extension of the practice. Every physician and every practice already has their processes in place, and Beth’s team provides additional support for the people already in those seats.
[13:19] High quality: All medical virtual assistants must be HIPAA-certified, have a background in healthcare — whether they graduated with a four-year degree in nursing or worked at an insurance company — and know and truly understand how insurance works in the United States.
[21:05] MVPs: All of REVA’s medical virtual professionals are based in the Philippines, and Beth says that the company’s competitive pay and good benefits have allowed them to recruit and retain great talent.
[24:42] A good fit: REVA Global looks for partner practices that know what their pain points are, where their needs are, and how they can support a virtual staff. The practice should also have basic use of technology.
[27:19] The big 3: REVA Global is most commonly asked to staff three main departments with medical virtual professionals — the front desk, insurance prior authorizations, and the accounts receivable and billing department.
[32:00] Monthly basis: Contracts with practices are structured on a month-to-month basis. It stays in place until the practice chooses to cancel (with 30 days notice).
[34:29] A solid team: Beth credits much of the company’s success to her incredible team at REVA Global Medical, both domestically and abroad.
Mid-career docs: have you found that your income is near its peak potential and yet you are still not sure where the money is going or what to do with the surplus? Do you have cash piling up in your checking account because you don't have the time to figure out where else to direct it? Are finances a source of confusion or even conflict in your marriage?
Disclaimer: Prosperous Doc podcast by Spaugh Dameron Tenny highlights real-life stories from doctors, dentists, and those whose work can help them to encourage and inspire listeners through discussions of professional successes and failures in addition to personal stories and financial wellness advice. Spaugh Dameron Tenny is a comprehensive financial planning firm serving doctors and dentists throughout the U.S. To find out more about Spaugh Dameron Tenny, visit our website at http://www.sdtplanning.com . You can also connect with our host, Shane Tenny, CFP®, at shane@prosperousdoc.com.
Compliance code: CRN202602-3932329
Top quotes from the episode:
[05:45]: “I don't consider us to be an outsource company. That's not what we specialize in. We specialize in insourcing. We are bringing people into your practice. We are an extension of your practice.”
[11:26]: “A huge part of the success is that it's a designated medical virtual assistant just for your practice. They're not working for your practice and also picking up the phones for another practice at the same time. They're not being pulled in different directions. They solely work for your practice and your practice alone, so that is a really nice component of what our services provide as well.”
[19:12]: “When you hear medical virtual professional, you immediately think it's an elevated position: Oh, they're a professional. They can handle more difficult tasks. They can handle more. And a virtual assistant maybe can't handle as high-level tasks. That is absolutely untrue in this case. Every person that works here at REVA Global Medical, they all have a bachelor's degree [...] Their level of expertise is there, their level of education is there, so that's an important piece. I like to use medical virtual professionals because virtual assistants have negative connotations out there.”