Third-party Credentialing and You
“The secret of getting ahead is getting started.”
-- Mark Twain
Ensuring healthcare providers have the required licenses, certifications, and skills can be time-consuming. In addition, with credentialing being detail-intensive, it's most important to have everything accurate and done properly. As a result, healthcare providers have recently taken a less traditional route by outsourcing their credentialing process to third-party companies. This is a business practice in which a company hires a third party to perform tasks, handle operations or provide services for the company. That's right; outsourcing provides high-tech solutions that lessen errors often made by the manual credentialing process.
The first hurdle healthcare providers face is whether or not they're qualified to perform the duties they are applying for. Once these qualifications are met, healthcare providers are then credentialed and privileged. The credentialing and privilege process is done at the time of the application and again every three years. Credentialing is a tedious task and takes a lot of work, follow-up, and tracking. However, credentialing is vital to ensure all HCPs will be held to the same standards.
The credentialing process begins with organizations collecting required information from applicants. The applicant must be truthful during their application process, but it's up to the organization to verify the information provided to be correct. These beginning steps are called the Primary Source Verification or PSV of all submitted information. Outsourcing your credentialing is beneficial to your practice in several ways. Fewer human errors are just the beginning of the pros outsourcing can provide. Improved efficiency is also a great effect outsourcing can have on your practice. With less paperwork to deal with, HCPs can give a greater sense of security for and to their patients—minimal risk of cyber attacks or theft of patients' information. In return, patients develop trust and better relationships with HCPs. In addition, your third-party outsourced company entirely focuses on your business needs, leading to increased efficiency. Not only does outsourcing your credentialing provide a quicker turnaround, but it's also highly cost-effective. While hiring fewer individual employees, your experienced professionals are working to ensure your revenue increases.
Allowing your outsourcing company to focus on your primary job duties will provide you more time to put into your practice. Let's be serious; being able to avoid billing issues before they occur and shrinking write-offs is a dream come true for your practice. Outsourcing your credentialing can also significantly reduce accounts receivable. Finally, with the boost in productivity, it allows for more money. More money automatically equals more business. These are just a few reasons you should outsource your medical credentialing. A healthcare provider's primary focus should be making their patients feel like family. Outsourcing companies do the heavy lifting so HCPs can continue to put family first.
The information provided in this read is general, please feel free to contact us and find out more about how our third-party company can help your practice. We are available to answer questions and as well as inform you on how we can benefit your practice's needs and how we can tailor our services to fit you best.