To open a private practice and develop it into a profitable business, you must first understand your patients’ needs and expectations. Patients anticipate that doctors will accept their insurance card. As a result, credentialing is the most important aspect of any practice. It requires precision to ensure patient safety, rapid payments, and effective operations. For many years, provider credentialing and enrollment were neglected as the critical components of healthcare administration procedures. However, their impact on practice compliance and financial elements has assured that these are now the key components of any functioning practice.
In today’s world of health insurance and revenue cycles, incorrect credentialing can result in delayed or refused compensation for services rendered. Worse, it may result in substantial implications for all parties involved in terms of statutory compliance violations, which may result in monetary damages and criminal prosecution.
Joining insurance provider panels will help you find more patients because you will be featured as a provider in the insurer’s network. Joining a provider panel allows you to collect payments from insurers directly. To become in-network with insurance companies, contracts must be signed, and credentialing is a pre-requisite of contracting. Credentialing is the process of organizing and verifying the accuracy of your professional records.
Credentialing in medical billing can be time-consuming, difficult, and tiresome. Trying to navigate the credentialing process on your own is difficult and typically costs more time and money than working with a professional who understands the process and can advocate on your behalf. Insurance companies takes time to verify the professional records and process the applications in the order they are received. That’s why, this is a hurry up and wait game. So, be ready to wait. It is one of the most time consuming and frustrating tasks that often diverts the attention of medical practitioners from their core expertise due to being heavily involved in the process. This is similar to asking a mathematician to fulfil the duties of an attorney despite their lack of legal training.
You don’t have to worry, though, since we would remove all the hassles from the equation. You can easily spend more time doing something you love while we do all the hard work for you.