This is an article written by Dr. Steven Goldberg on the cost of insurance credentialing and recredentialing for physicians. It covers some of the details involved in the process and why it makes sense to evaluate this area of your practice to ensure you are not overspending. On average, we save our clients 40%-60% on their annual credentialing costs. Our clients also have the peace in knowing that experts are working on their behalf to ensure that they do end up with a stack of denials from the insurance carriers.
Here is an excerpt from the article:
Also, to be approved to receive compensation, each year, physicians must submit their professional qualifications to insurers in lengthy and time-consuming applications. Unfortunately, each insurer’s credentialing process is slightly different. The Medical Group Management Assn. estimates that an average practice with 10 physicians spends nearly $80,000 per year simply submitting the credentialing applications.
Despite these costs, the healthcare industry has not moved toward a standard method of credentialing. For example, when it comes to evaluating qualifications, why can’t we learn from the financial services industry, which uses a standard process and just three vendors to assess the credit history of every borrower in the nation?
These are only a few examples of the needless complexity in our healthcare system. This is a system of both duplication and variation; identical core business processes are performed in countless different ways. The result is mountains of red tape, lost productivity and increased costs that we can ill afford.
Read the full article HERE