In order to cope with the complexities of the medical credentialing process, some healthcare practitioners still rely on spreadsheets, checklists, and improvised systems that are not verified by an expert. As a result, there are various enrollment mistakes and delays.
Some practices may not have specialized personnel to manage credentialing. As a result, their personnel is forced to juggle their planned obligations with other jobs, resulting in inefficiencies and delayed enrollments.
Outsourcing your medical credentialing to the best medical credentialing companies help to alleviate these issues while also providing the following advantages:
• Lower operational and administrative expenses
• Errors in the enrollment and certification processes are reduced.
• More time to devote to the growing practice
Medical Credentialing and the HealthCare Industry's Rising Administrative Costs
Administrative expenditures account for 8% of healthcare costs in the United States. This covers actions such as medical credentialing that is connected to the development, regulation, and management of health systems and services.
Kevin Schulman, a Duke University professor of medicine and co-author of "Administrative Costs Associated with Physician Billing and Insurance-Related Activities at an Academic Health Care," explains why in the following statement:
"The unusual costs we discovered are neither the consequence of administrative inefficiencies nor a failure by healthcare management to conserve money." The system's complexity contributes to the high administrative costs."
One cause of this complication is the number of payers in the American healthcare system. This covers both commercial insurance and state health programs like Medicaid and Medicare.
Because the multiplicity of processes required by different payers increases administrative expenses, the healthcare business must investigate all cost-cutting measures for operational efficiency. Choosing a third-party source to conduct your medical credentialing procedure is part of this.
Outsourcing Medical Credentialing for Lower Administrative Costs and Better Patient Care
Here are three ways medical credentialing outsourcing may help when you hire top medical billing companies for your practice.
1. Medical credentialing outsourcing reduces operational and administrative costs
David Cutler Ph.D., Elizabeth Wikler B.A., and Peter Basch, M.D, shared in a Harvard Journal of Medicine article that streamlining your electronic transactions, standardizing your reporting requirements, provider enrollment, and the credentialing system is one of the best solutions to your cost concerns.
How much money are we talking about here? It is estimated to be $29,000 per physician in a year.
2. Errors are reduced, which leads to a faster medical credentialing process
Three Significant Advantages of Outsourcing Your Medical Credentialing Process
when you interact with a third-party provider, you are working with experienced medical personnel who are skilled and aware of the medical credentialing process. This assures that your enrollment submission has few or no mistakes.
As a consequence, your practice's enrollment process is speedier, allowing it to make more cash.
3. More Time to Concentrate on Growing Your Practice
A physician in the United States spends an average of 43 minutes per day on health plan administrative activities. This equates to 261 hours of time saved every year (365 days).
You can now say goodbye to these administrative tasks since an outsourced medical credentialing provider will take care of them for you. Your time can be better spent expanding your practice and providing greater services to your patients.
