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Are You Wasting Money By Handling Physician Credentialing Yourself?

Posted by 99 MGMT on Dec 15, 2017 9:25:27 AM

physician credentialing services

Here’s the bottom line: you’re wasting time and money doing your own credentialing. Full stop.


How much are you wasting on credentialing?

The widely accepted amount of time that a physician is currently spending on credentialing is 43 minutes per day.

Assuming $100/hr pay (not including office staff involved in follow up and other support work, taxes, and other costs), that’s approximately $20,000/year going towards credentialing work per physician. This is ONLY the cost of salary.

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This assumes all paperwork is finished completely, accurately, and on time the first time. You lose more money for incomplete applications - which could be up to 85% of the time.

This also doesn’t include revenues that are impacted by time spent on credentialing vs. time with patients, issues with applications & submissions, or poor credentialing work oversight.

So, really, you’re spending WAY more than $20,000/year on credentialing. But how does this cost compare to outsourced physician credentialing services? Here’s a quick overview.

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How Much Do Physician Credentialing Services Cost?

The cost of physician credentialing services varies by:

  • Current credentialing status
  • How many physicians you need to add
  • How quickly you grow your practice
  • Changes in insurance contracts or providers
  • What other services you contract from your credentialing provider

In general and on average, expect to pay $2,000 - $3,000/year for physician credentialing services.

Here’s a breakdown of the different pieces:

 

Individual Physician Credentialing

Average cost is $100-200/physician, though this varies across credentialing service providers.

Re-credentialing will cost approximately the same.

 

CAQH Database

Initial setup can cost between $200-500.

Management costs will depend on on your credentialing provider’s level of involvement and how often you need to make changes to the database. Typically, you can expect about $50-100/month for basic database management.

 

Panel Applications

Per panel, expect to pay around $100 for an application.

 

Get an Estimate for Physician Credentialing Services

Do you think you could benefit from credentialing services, but want a more accurate cost estimate?

Fill out the form below to request a quote: 

Topics: Credentialing, Enrollment