Medical Credentialing has always been a headache for the healthcare providers, especially when it costs a lot of their valuable time and money. What most fail to understand is that, along with the initial cost of getting credentialed, there are several hidden expenses as well that make credentialing an extremely expensive process. Also, there are numerous risks and mistakes which can expose you to all kinds of referral and coverage issues and result in exorbitant penalties for your practice.
The following factors uncover all the hidden expenses and exhibit the true cost of carrying out medical credentialing.
Staff Inexpertise and In-house Credentialing Increase Staffing Costs
Medical credentialing is a complex process that requires precise coordination between a number of disparate departments. As the smallest of errors can lead to huge financial losses, it is essential to have resources dedicated solely to specific credentialing operations. This will not only bring more accuracy into your credentialing practices but will also ensure timely and maximum returns for your practice.
However, if you decide on an in-house credentialing approach, it could result in an immense rise in the clinical staffing costs of your practice. The staff will need to be well-versed with all the credentialing processes which will add up the costs associated with training. Similarly, with employees juggling between multiple responsibilities, there will be no clear focus on the credentialing operations, ultimately affecting both, your practice’s time and money.
Physician License Renewals and Verifications Add Up to Overall Expenses
Based on the laws of the state in which they practice, healthcare providers need to keep on renewing their licenses and credentials on a regular basis. The process of various background checks, affiliation requests, and verifications is both time-consuming and extremely expensive. This could severely hamper your revenue cycle management efforts.
Similarly, failure to be credentialed or licensed in time can put the brakes on patient scheduling and significantly delay billing and coding. It could also lead to physicians performing services they technically are not certified or licensed to perform. This does not only create potential for poor patient outcomes but can also lead to expensive lawsuits in worst case scenarios.
Staying up to date with your certifications and licenses is essential in order to keep your costs down to a minimum and to maintain an optimal flow of your revenues.
Paper-based Manual Credentialing Interrupt the Seamless Flow of Revenues
Most healthcare providers are still accustomed to old, time-consuming, and manual approaches to carry out their credentialing processes. These are potentially inaccurate techniques that lead to excruciatingly long turnaround times. It affects your reimbursements and also exposes your practice to liability claims, which can result in heavy fines.
Along with the costs associated with delayed credentialing processes, manual credentialing also brings in higher salary costs. A paper-based system leads to long lag times, thereby slowing down your provider-supplier enrollment and onboarding processes, which in turn, can significantly affect your revenue flow.
Adopting automated credentialing systems can ensure instant and accurate management of your credentialing responsibilities and protect your practice from any unnecessary costs.
While credentialing costs such as licensing and privileging fees are inevitable, there is always a chance to avoid expensive mistakes. With CS EYE, optometry credentialing can be a truly no-sweat process. Leverage our expertise to keep your verifications up to date and avoid expensive mistakes. We also help you with automating your processes to keep your credentialing costs down to a minimum.
Outsource your optometry credentialing to CS EYE and take the burden of credentialing and payor enrollment processes off your practice. Get in touch with us to know how our services can help you.