Many healthcare professionals are looking for certified, qualified, and trusted medical billing agencies to get medical credentialing services.
When you hire a reliable medical billing company, you can save your practice from scams and fraudulent activities.
Significance of credentialing:
Credentialing is a significant part of the US healthcare industry. You have to verify the credentials of new nurses, paramedical staff, and physicians whenever you hire them. It not only protects an organization from legislation processes, but it helps you to ensure that practitioners that you have hired are highly qualified and trained. Therefore, it is a safeguard put in place to protect patients by providing high-quality and qualified health care providers.
A medical practice can face serious consequences if any practitioner without the right credentials assumes charge of their responsibilities. They may have to face financial challenges that impact the profitability of the medical facility drastically.
Credentialing may be a hectic and time-consuming task, but it is vital for maintaining trust between healthcare providers and patients.
You must take the first step of medical credentialing if you want to start your own medical facility. By the credentialing process, you become able to confirm the professional work experience, qualification, certifications, and license of practitioners.
How to improve practice efficiency?
Therefore, medical credentialing has become remarkably important for almost every medical facility. Here are the following reasons that describe how medical credentialing services are important to enhance the efficiency of your medical facility;
Reduce Medical Errors:
When you hire a reliable medical billing company to get medical credentialing services. You get a lot of benefits. Expert certified professionals for the credentialing procedures have industry expertise as well as in-depth knowledge.
However, the most common medical errors include; delayed diagnosis, use of bad/faulty medical devices, misdiagnosis, improper medical device placement, medication error, and failure to account for surgical equipment.
Currently, the US healthcare industry is witnessing high rates of deaths because of medical errors. Moreover, the incompetencies of the healthcare providers can cause problematic issues that should be resolved in a timely manner.
When you get medical credentialing services, well-experienced staff for the credentialing process provides innovative solutions that help you to prevent medical errors remarkably. They use automation tools and provide electronic credentialing to fix all issues that decrease the practice’s efficiency.
Enough Time for Credentialing:
Time is remarkably significant when hiring a new provider. Instead of waiting a month, it is essential to take enough time for processing necessary credentialing before a new practitioner arrives. You must;
- Take enough time to initiate the process of credentialing.
- Get sufficient time to gain approvals and process applications with each payer.
- Be timely in re-attesting CAQH(Council for Affordable Quality Healthcare) profiles.
- Take time to review each detail to submit the application accurately.
When you get medical credentialing services, it allows at least 90-120 days to complete the application. Moreover, it is vital to provide sufficient time to confirm approvals from the payer so the new providers can get paid in a timely manner. Otherwise, if enough time is not allotted to gather the information and necessary documentation for processing/preparing applications. You can face delayed reimbursements and disruptions in cash flow significantly.
Therefore, the projected time is highly important to initiate the process of enrollment to enroll the new providers with individual facilities and insurance successfully.
Moreover, some payers, especially government payers, can take 3-6 months to process. So, when you get medical credentialing services, you become able to see the responsiveness of approvals for the individual payor in a timely manner. In this way, it can help you enhance the efficiency of your business significantly.
Prevent Revenue Loss:
You can lose your huge revenue if you fail to verify the credentials of your medical facility staff. Insurance companies play an essential role in maintaining the entire healthcare revenue cycle management. But if your medical staff fails to comply with the latest compliance standards, then the government programs such as Medicaid or Medicare and the commercial insurance carrier may delay the reimbursements.
Moreover, as there is a limit of time for every reimbursement and payment. You may lose a significant amount of revenue that can never be recovered. Because insurance agencies have the right to stop the payments of the medical bills if the physicians are providing healthcare services without the medical credentialing services.
Therefore, when you get medical credentialing services, you don’t have to pay heavy fines and civil monetary penalties. You become able to focus attentively on the credentialing process and reduce revenue loss efficiently.
Take a Lead:
Medcare MSO is a trusted medical billing company in the United States. We deliver reliable medical credentialing services to help you in verifying the credentials of your healthcare providers. Contact us to enhance the efficiency of your business significantly!