In the complex landscape of healthcare, the importance of physician credentialing cannot be overstated. It serves as the cornerstone for establishing a healthcare provider’s legitimacy and eligibility to work with different payers. However, the process of credentialing is no small feat and comes with its own costs and set of challenges, prompting providers to explore whether to undertake it independently or enlist the expertise of credentialing professionals.
Understanding the Credentialing Dilemma
Healthcare providers find themselves at a crossroads when it comes to credentialing. On one hand, they can choose the path of self-credentialing, navigating through a complex web of paperwork, applications, and follow-ups. On the other hand, they have the option to outsource the credentialing process to expert companies like Talisman Solutions, freeing them to focus on patient care while professionals handle the administrative complexities.
Both options come with associated costs, and the choice of which option and its corresponding cost a provider opts for depends on factors such as the number of payers they wish to work with, the resources at their disposal, and their expertise in credentialing.
Let’s delve into understanding the cost of the credentialing process in both scenarios.
The Self-Credentialing Journey
When providers opt for self-credentialing, they take on the responsibility of researching various payers, organizing necessary documents, and ensuring all credentials are up to date. Filling out payer applications can be time-consuming, especially when applications are not readily available online. The waiting period for approval adds more time, stretching from a few months to potentially longer. Success in this process hinges on the accuracy of provided details and persistent follow-ups.
This DIY approach demands a considerable investment of time, energy, and resources, diverting focus from patient care and revenue generation. The longer the credentialing process takes, the delayed onboarding process restricts providers from working with preferred payers and seeing more patients, incurring a cost associated with lost opportunities.
Outsourcing to Expert Credentialing Companies
Alternatively, outsourcing the credentialing process to expert companies like Talisman Solutions which is an expert company that provides physician credentialing services and presents a solution that streamlines the entire journey for physicians and other healthcare providers. Providers can now direct their efforts where they excel – in patient care. Credentialing experts like Talisman Solutions can handle time-consuming tasks such as document organization, research, application filling, follow-ups, and issue resolution, ensuring a swift and efficient process.
The professional teams at credentialing companies expedite the process, often completing it in as little as 90 days. This accelerated timeline allows providers to onboard with payers swiftly, expanding their patient base and revenue stream. While outsourcing incurs a fee, the cost is determined by the number of payers the healthcare provider chooses to work with. Despite this expense, it proves to be a cost-effective investment, granting providers the freedom to concentrate on their practice without the burden of intricate administrative processes.
Credentialing Cost
Figuring out the cost of doing your own credentialing is a bit tricky. It depends on things like how many payers you want to work with, your team’s know-how, the resources you have, and the time you spend on the whole process. Doing it yourself means spending money, time, and resources.
Plus, with self-credentialing, there is an opportunity cost because you’re taking longer to start working with payers and have fewer interactions with patients. And remember, the time and money you put into self-credentialing could be better used to take care of your patients.
On the other hand, outsourcing the credentialing process completely to an expert company like Talisman Solutions will cost less than $200. This cost is highly competitive when considering the time, resources, effort, and opportunity cost involved in self-credentialing.
Conclusion
In the realm of physician credentialing, the decision to go solo or outsource is a pivotal one. While self-credentialing demands a significant investment of time and resources, outsourcing to expert companies offers a streamlined, cost-effective solution.
By enlisting the expertise of credentialing professionals, healthcare providers can optimize their practice, ensuring a seamless onboarding process and an increased ability to serve more patients. The choice is not just about the cost but about empowering providers to do what they do best – providing quality care to those who need it most.
