How Much Dollars Are You Losing on Medical Credentialing?
The healthcare credentialing procedure is crucial as it could have major financial consequences if not performed correctly & on time. When done correctly, it could attract new patients as well as increase revenue. Yet, healthcare credentialing services can be time-consuming, difficult, and expensive for everyone.
For every practitioner, the healthcare credentialing process costs around $20,000 annually at a cost of $100 per hr. And this is JUST the salary expense. It excludes taxes, and other fees, plus office personnel engaged in assistance & follow-up operations.
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How much does medical credentialing cost?
Medical credentialing services costs vary depending on:
- Present credentialing status.
- The number of healthcare professionals you wish to add.
- How fast your practice expands.
- Additional services obtained from the credentialing provider.
On an average, expect to spend between $2,000-$3,000 annually for medical credentialing services.
Here is a rundown of the multiple elements:
1. Individual Medical Credentialing
The usual cost per practitioner is between $100-200, however, this varies depending on the healthcare credentialing service provider. Whenever it comes to re-credentialing (“Revalidation” or “Re-Enrollment”), the costs should be around the same. Usually, insurance companies and clinics demand re-credentialing every two years, while certain payers or clinics may mandate it every year.
2. CAQH- Council for Affordable Quality Healthcare Database
When it involves gathering data from online providers, CAQH-Council for Affordable Quality Healthcare, Proview is one feasible method. The initial installation might range between $200 to $500. This database assists in the elimination of duplicate information collected throughout the healthcare credentialing process.
The management fees are determined by the extent of engagement of your healthcare credentialing provider as well as the frequency with which the database should be updated. A basic database generally costs between $50 and $100 per month.
3. Applications for Insurance Panels
According to the insurer committee, an application would cost roughly $100.This cost could be nearly doubled in rare cases.
Credentialing has become a major headache for all clinics, regardless of their size or specialization. It takes a lot of dedication and time. Furthermore, it is a time-consuming and intricate procedure that is frequently the source of revenue cycle leakage. Outsourcing your healthcare credentialing procedures could be the best way to fix such leaks.
Get an estimation for medical credentialing services
Luckily for you, Practolytics is a healthcare outsourcing company that offers a variety of services which will make you & your worker’s day-to-day duties more manageable and less stressful. We agree that coping with credentialing is indeed a huge hassle for you. Thus, in order to assist you, we offer medical credentialing services which will bring much-needed assistance to you & your employees.
Teaming up with professionals is always a good idea. Set up a meeting with our healthcare credentialing expert now to know more about Practolytics! You can profit from outsourcing healthcare credentialing services but do you need a more realistic cost estimate? Get in touch with our Practolytics Credentialing Team for additional information.