Don't Waste Time on Credentialing

 

Medical credentialing services


If you are doing your own credentialing, you’re wasting money and time. That’s the cold, hard truth. At a time when there is a multitude of medical credentialing service providers available, you shouldn’t be putting in long hours. But how much are you exactly wasting on credentialing? This should be a recurring question for you.

Generally, physicians spend somewhere around 45 minutes every day on credentialing. Assuming a physician earns $100/hour, that amounts to $20,000 worth of time a physician spends every year on credentialing. This does not account for office staff, follow-ups, taxes, support work, and other payables. One would assume putting in so much time and money will get all the paperwork done on time and accurately.

In essence, you lose more time and money. Also, this doesn’t account for lost revenue due to time spent on credentialing. So how does all this compare to outsourcing medical credentialing services? Let’s take a look.

 

How Much Do Physician Credentialing Services Cost?

Medical credentialing costs vary depending on the specialty, facility, and CVO. Typically, $200 - 300 dollars per application is not too far off the industry average. In some cases, practices offer partial or complete reimbursement once credentialing is successfully completed.

Following initial credentialing, the practice will require frequent re-credentialing. This service is provided at a discount price. The costs of credentialing services vary based on:

·         The current credentialing status

·         Number of physicians to add

·         How fast the practice grows

·         Provider or insurance contract changes

·         Other services required

The average cost of credentialing services is between $2,000 - $3,000 per year.

 

Individual Physician Credentialing

For individual physician credentialing, the average cost is about $100 - $200 per physician. This, however, may vary depending on the service provider and the scope of services required. For re-credentialing, the cost remains approximately the same, albeit a little less.

See Also: 6 Steps To Streamline Physician Credentialing Process

Comments

Post a Comment

Popular posts from this blog

How Medical Billing Consulting Services Overcome Claim Denials

Image
  For a healthcare practice, its smooth functioning depends on overcoming and filling all hurdles or loopholes in the revenue cycle. The biggest obstacle for every clinic or physician is insurance claim denials. This refers to claims that were received, processed, assessed for the payer (such as insurance companies), and regarded as unpayable. Denied claims cannot be submitting again before identifying the cause of denial. Insurance companies provide their reasons or rationale for denial against which clinics can file reconsideration requests. While reconsideration requests can also be sent back, the entire process of converting a denied claim into one without issues takes up a lot of effort and time. Let’s look at how medical billing consulting services overcome claim denials to stay on top of the game. Staff Training Providing requisite training to your billing and other staff is essential when it comes to handling claims. This can help reduce the probability of errors in ...
Read more

2021’s Top Medical Billing Company for Revenue Cycle Management

Image
The past two years have been very difficult for the healthcare industry because of the threatening challenge of COVID – 19 accompanied by daily managerial tasks. This challenge also impacted the daily basis operations of the medical industry. To run the medical tasks efficiently and smoothly, the healthcare industry must manage and maintain Revenue Cycle Management services offered by top medical billing companies to provide the best possible treatments to patients without any hassle.   Without adequate Revenue Cycle Management solutions for financial management, the medical industry cannot achieve its targets, and neither can provide the best treatment.   Importance of Medical Billing Company   The medical billing company is of immense importance to run the financial tasks of the medical sector perfectly because they employ people who have adequate financial expertise and relevant experience and can work efficiently. One of the most known and common perks of...
Read more