Physician credentialing is an essential aspect of healthcare operations that ensures medical professionals meet the necessary qualifications and standards to provide care. However, deciding if the physician credentialing services cost is worth it can be a daunting task.
Provider credentialing delays can push an already strained budget to the brink. Credentialing can put money in your pocket, but the old adage also strikes true: it takes money to make money. So how much does physician credentialing services cost?
What Do Physician Credentialing Services Cost?
Physician credentialing service cost refers to the expenses associated with using an external party to credential healthcare providers, including physicians, nurse practitioners, and other medical professionals. This process involves verifying the qualifications, experience, and compliance of healthcare providers with various regulatory bodies and insurance companies.
The cost of physician credentialing services encompasses fees for the time and tasks of application processing, verification, enrollment, and ongoing maintenance. A premium credentialing service includes most, if not all, of these features. For example, the service should conduct a network analysis before starting enrollments to determine if a full enrollment is necessary. A third-party service offers experts who manage all aspects of the credentialing process, which is valuable when an organization doesn’t have the budget to hire staff, work is too sporadic, or the work volume doesn’t justify hiring someone.
A powerful platform also cuts the time needed to complete credentialing. The ability to complete credentialing three weeks faster could mean three weeks of additional revenue without using a service. Plus, top-rated credentialing services also provide real-time visibility into credentialing progress for each provider. Many credentialing services don’t offer such detailed insights, which keeps some healthcare organizations from outsourcing.
Why It’s Important to Research Physician Credentialing Services Cost
Understanding the costs associated with physician credentialing services is smart business when budgets are tight and resources are stretched. Here are five reasons why researching physician credentialing services cost should be a priority:
- Budget Planning: Accurate knowledge of credentialing costs allows healthcare organizations to plan their budgets effectively. By incorporating these expenses into financial planning, they can avoid unexpected financial setbacks and ensure a smooth credentialing process.
- Cost Variability: Physician credentialing service costs can vary widely depending on factors such as the number of providers, specialty, location, and the complexity of the credentialing process. Researching costs helps healthcare providers anticipate and account for these variations.
- Avoid Hidden Fees: Some credentialing service providers may have hidden fees that can catch healthcare organizations off guard. By researching and comparing different service providers, you can identify any hidden costs and select a transparent and cost-effective solution.
- Compliance with Payer Requirements: Many insurance companies have specific credentialing requirements for healthcare providers. Knowing the costs associated with these requirements ensures that your organization complies with payer standards and avoids costly delays or rejections.
- Quality vs. Cost Balance: While cost is an important factor, it should not be the sole determinant in choosing a credentialing service provider. Researching costs allows healthcare organizations to strike a balance between affordability and the quality of services provided. Selecting a reliable and experienced credentialing service provider is crucial for a smooth and successful credentialing process.
Ways to Research Physician Credentialing Services Cost
There are several channels to effectively research physician credentialing services cost. Consider the following:
- Online Research: Start by conducting online research to gather information about different credentialing service providers. Many companies provide pricing information on their websites, allowing you to compare costs.
- Request Quotes: Reach out to multiple credentialing service providers and request detailed quotes. Be sure to ask about any additional fees or hidden costs to get a clear picture of the total expense.
- Network with Peers: Connect with other healthcare professionals and colleagues who have experience with physician credentialing. They may offer valuable insights and recommendations for cost-effective providers.
- Contact Industry Associations: Check with industry associations related to healthcare and credentialing. They often provide resources and guidance on cost-effective credentialing solutions.
- Consult with Experts: Consider consulting with experts or healthcare consultants who specialize in credentialing services. They can provide valuable advice on cost-effective strategies and help you make informed decisions.
Choosing the Right Option for Your Healthcare Organization
There’s no “best” method of credentialing providers, although it’s not advisable to try managing the process using paper and spreadsheets. It comes down to what will work best for your organization. If you are hiring providers faster than you can credential, it may be worth paying a premium to get those healthcare professionals in front of patients faster. But, if your team just needs a little help, credentialing software could be your best bet.