Healthcare in the U.S. is an expensive affair. People invest heavily in health insurance plans that can be used during a medical emergency or regular health checkups. Insurance plans are utilized for lab tests, maternity, newborn, mental health, immunizations, rehabilitation services, and more.
In the medical arena, healthcare practices need to process a patient’s insurance plans for payment, failing which they will not be able to realize the revenue due to them. It can also result in patients moving on to a competitive provider who can process their insurance plans on time. This happens when credentialing is not sufficiently carried out by the company. Credentialing is a complex process and performing it in-house has multiple challenges, making it a highly onerous task.
Moving credentialing to an external partner allows the medical practice to focus on other core competencies. If you are still indecisive about whether to opt for an external partner for medical credentialing, here are some hints as to when you should make the move.
New to Business
In most cases, a newly set up medical practice will not be aware of the regulations and conditions of credentialing. Some of them may even be unaware that they are not properly credentialed. If you are new, then the right partner will ensure that your medical practice is credentialed with all the right insurance service providers, in order to reap maximum revenue benefits.
Healthcare has evolved from individual practices to multi-specialty hospitals. Therefore, credentialing entails a lot of documentation work. It’s a strenuous and complicated process. This means the team dedicated to working on credentialing will not be able to focus their efforts on any other official matter. With an overburdened set of employees, the overall productivity of the medical practice is affected. Moreover, doctors are not trained to handle this or oversee these activities. If this is the case at your end, then it’s time to use the services of an experienced partner who can simplify the whole process. With more time and energy, the talent and abilities of the employees can be utilized to grow the business.
Impact on Service
When your medical practice is being overshadowed by the credentialing process, then the quality of your service will be affected. Since quality medical practice is the main reason for patients to choose you, the team must be well equipped to serve them better. So, when your service is stalled or affected by in-house credentialing activities, you need an external partner to take control of it.
Leaving the credentialing process to be dealt with by an external partner offers the benefits of improved efficiency and revenue, and a highly satisfied patient community. Allyhealth can serve as your extended arm, taking care of credentialing most efficiently for you. We also offer a range of transaction processing services that can expedite revenue, and reduce the overall cost of operations.
If you’d like to know how Allyhealth can help, contact us for more information.