What Do Physician Credentialing Companies Do For Providers? Save Money

Healthcare professionals face a relentless challenge: administrative overload. 

Credentialing is a standout culprit, consuming up to four hours weekly for physicians, not to mention the additional burden on office staff. 

What if this time could be redirected toward patient care? 

By outsourcing physician credentialing services, practices can reclaim valuable hours, boosting efficiency and profitability. In this post, we'll uncover how outsourcing credentialing services can transform your practice.

9 Things Physician Credentialing Services Do For Providers

Efficiency and reliability are paramount in today's competitive healthcare landscape. By outsourcing credentialing, you build a more resilient practice that can adapt to challenges and changes swiftly. This resilience translates into better patient care, improved financial performance, and a stronger overall practice.

What is a credentialing specialist, and how do they fit into this process? A credentialing specialist is a professional trained to manage the credentialing process for healthcare providers. They handle the collection, verification, and submission of all necessary documentation, ensuring compliance with industry standards and regulations. 

By leveraging their expertise, you can streamline your practice's credentialing process and avoid common pitfalls.

Here are some ways physician credentialing services can help:

1) Understanding the Credentialing Process for Providers

Getting a handle on the credentialing process is crucial for appreciating the value of outsourcing. The process involves several steps, including the collection of provider information, primary source verification, and the submission of credentialing applications. 

Each step requires meticulous attention to detail and adherence to strict timelines. By outsourcing, you ensure that these steps are handled efficiently and accurately.

2) The Impact on Revenue Cycle Management

Credentialing has a direct impact on your practice's revenue cycle management. Delays or errors in credentialing can lead to claim denials and payment delays, affecting your practice's financial health. Using professional credentialing services ensures a smoother revenue cycle, with timely payments and fewer disruptions.

3) Adapting to Regulatory Changes

The healthcare industry is constantly evolving, with new regulations and standards emerging regularly. Keeping up with these changes can be challenging, especially for busy practitioners. Credentialing services stay abreast of regulatory updates and ensure that your credentials meet current requirements, helping you stay compliant and avoid potential penalties.

4) The Hidden Costs of DIY Credentialing

While some practices may opt to handle credentialing internally, it's essential to consider the hidden costs. Time spent on credentialing is time taken away from patient care and other revenue-generating activities. 

Additionally, the potential for errors can lead to delays and financial losses. By outsourcing, you mitigate these risks and ensure a more efficient credentialing process.

5) Enhancing Patient Trust and Satisfaction

Proper credentialing is not just about meeting regulatory requirements; it's also about building trust with your patients. When patients know that their healthcare providers are thoroughly vetted and credentialed, it enhances their confidence in the care they receive. This trust translates into higher patient satisfaction and loyalty, key drivers of a successful practice.

6) Spend Less Time on Paperwork & More Time With Patients

When you decided to pursue a career in medicine, dealing with paperwork was probably not part of your dream. Physician credentialing services can take this burden off your shoulders, allowing you to focus on what truly matters — your patients. 

Reducing the time spent on administrative tasks means you get to spend more one-on-one time with each patient. This not only improves patient satisfaction but also contributes to a healthier, growing business. Happy patients are more likely to return and recommend your services to others, driving both retention and new patient acquisition.
 

7) Trust That Insurance Claims & Payments Are In Expert Hands

Navigating the complexities of insurance claims and payments is no easy task. Professionals experienced in insurance bureaucracy can handle these processes smoothly, avoiding common roadblocks such as incomplete applications or mistakes in submissions. 

The last thing you want is to spend time on credentialing only to discover you've missed an important section. By entrusting these tasks to experts, you ensure that all submissions and follow-ups are handled accurately and promptly. 

This means you get paid faster and avoid bureaucratic messes that can delay payments and disrupt cash flow.
 

8) Automatic Monitoring & Updates

One of the significant benefits of using physician credentialing services is the automatic monitoring and updating of your CAQH profile. Your credentialing provider will keep an eye out for any issues and make necessary updates as needed, keeping everything up-to-date without you having to lift a finger. 

This "out of sight, out of mind" approach ensures that your credentials are always current, freeing you from the ongoing task of monitoring and updating your information.
 

9) Integration With Other Services

Credentialing services are just one aspect of practice management. Many credentialing companies also offer additional services, such as revenue cycle management, marketing, and finance & accounting services. This integrated approach means you receive comprehensive support for your practice's various needs. 

Additionally, you’ll have access to status reports and all relevant documents, ensuring transparency and peace of mind. Dedicated support from your credentialing services provider means you'll always have expert assistance available for any questions or concerns.

Get Back to What Matters In Your Job

Physician credentialing services offer a myriad of benefits that go beyond merely saving time and money. They enhance the overall efficiency of your practice, improve patient satisfaction, and contribute to a more robust revenue cycle. By entrusting credentialing to experts, you free up valuable time to focus on what you do best—providing exceptional care to your patients. 

Want to know more about credentialing for your practice? Fill out the form below to request more information!

(Editor's note: This article was originally published in January 2018 and was recently updated.)