Why Provider Credentialing is Crucial to Reimbursement in Healthcare
Provider credentialing is critical for maximizing reimbursement in the healthcare industry. Without proper provider credentialing, many insurances will not fully reimburse providers for services rendered, if at all.
As you learn more about Provider credentialing, understand the following:
- What the credentialing process looks like
- Common challenges in healthcare provider credentialing
- How to locate adequate healthcare provider credentialing services
What Is Provider Credentialing in Healthcare?
Provider credentialing is a core tenet of revenue cycle management (RCM). In this vetting process, insurance companies review and confirm the provider’s credentials and associate him or her with the group contracts that directly affect reimbursement.
The Credentialing Process
Typically, credentialing starts with the gathering of documents and data from various sources about the provider’s work history, education, licensing, board certifications, and more. An organized process is crucial to getting applications and the required documentation submitted and approved the first time. Often, the process turns into a back-and-forth ordeal where the credentialing department must follow up multiple times to ensure the provider’s application is processed accurately and timely.
Learn more about the importance of outsourcing credentialing services today.
The Benefits of Healthcare Provider Credentialing Services
Healthcare provider credentialing has a plethora of benefits.
Working with a company experienced with the insurance companies you desire to credential with helps to ensure a smooth process. They have learned and keep up with the ins and outs of this ever-changing area of healthcare, and you can benefit from their expertise.
Healthcare providers who are credentialed with payers are more likely to receive accurate reimbursements for their services. Provider credentialing and recredentialing is crucial to ensuring the provider’s information remains up-to-date and that providers meet the requirements set by the payer, so they receive proper payment for the services rendered.
Some healthcare providers are quickly becoming the first choice of patients due to their association as network providers for insurance companies. A provider affiliated with a known and respected payer can reap the benefits of reputation and patient trust. Patients are more likely to go to a healthcare provider they know has been appropriately credentialed and is affiliated with a well-known payer. Additionally, out-of-pocket expenses are usually reduced for patients who utilize in-network providers.
Common Challenges of the Credentialing Process
While the provider credentialing process is incredibly beneficial, there are many challenges. The most common challenge is the amount of paperwork required. With the excessive documentation required, the ordeal can become time-consuming and tedious, leading providers and their staff to feel overwhelmed.
Another challenge is the complexity of the process itself. the paperwork associated with credentialing can be challenging to understand, further complicating the process.
How to Locate a Reputable Healthcare Credentialing Company
Thankfully, there is an answer to the complex provider credentialing process. Locating a high-quality provider credentialing service can take the headache out of the process and provide you with the security of experts who deal with the complicated process daily and know the ins and outs. Of the requirements for each of the companies they work with. These services provide the highest level of accuracy and efficiency. Plus, they have access to current information and resources to keep the process as streamlined as possible.
Here are a few tips to help you find the proper healthcare provider credentialing services for your needs:
- Research – Do your homework and research different credentialing companies to find one that best meets your needs.
- Verify their qualifications – Make sure that the company you’re considering has all the necessary experience.
- Pricing – The old adage is true: you really do get what you pay for when it comes to provider credentialing services. You may find a less expensive option than others, but make sure you’re getting everything you need from the services and the company is experienced.
Outsource Your Provider Credentialing Services With BSI Medical Billing
At BSI Medical Billing, we are dedicated to providing comprehensive healthcare provider credentialing services that make the process as easy and stress-free as possible for our clients. Our team of experts is highly experienced in working with government and private payers. We take pride in ensuring that all applications are completed accurately and timely utilizing our tried and true process.