Here’s the bottom line: you’re wasting time and money doing your own credentialing. Find out how to avoid wasting precious time and money.
How much are you wasting on credentialing?
Physician credentialing can be tedious, troublesome, and costly for everyone.
Assuming $100/hr pay, it costs approximately $20,000/year for credentialing work per physician. And this is ONLY the cost of a salary. It does not include office staff involved in follow-up and other support work, taxes, and other costs.
This estimate assumes all paperwork is finished completely, accurately, and on time the first time. You pay even more money for incorrect or incomplete applications.
This also doesn’t include lost revenue from time spent on credentialing services vs. time spent with patients, resolving issues with applications & submissions, or overseeing credentialing work.So, really, you’re spending WAY more than $20,000/year on physician 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
- Number of physicians you want to add
- How quickly you grow your practice
- Changes in insurance contracts and/or providers
- 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
The average cost is $100-200/physician, though this varies across credentialing service providers.
Re-credentialing costs approximately the same.
Initial setup can cost between $200-500.
Management costs depend 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.
Insurance Panel Applications
Per insurance panel, expect to pay around $100 for an application.
To Sum It Up
It's true that outsourcing your physician credentialing requires up-front effort and costs, and that overall costs will vary by provider. However, even the cost of top-end credentialing services pales in comparison to managing it in-house for $20,000 (plus hidden fees). As an added bonus, outsourcing frees your team up to do what it does best -- help patients.
Get an Estimate for Physician Credentialing Services
Do you think you could benefit from credentialing services, but want a more accurate cost estimate?
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