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.
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.
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.
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.
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: