5 Reasons Why Medical Credentialing Is Important
What is medical credentialing?
Medical credentialing refers to the verification process carried out by regulatory bodies to ensure that healthcare practitioners are medically competent. It assures the general public that the healthcare providers they consult with have sound knowledge and are up to date in their practices.
It is one of the most crucial aspects of the medical profession and is taken very seriously in the community. Most medical services also require healthcare practitioners to be credentialed to work with them in the first place. They are particular about this for compliance reasons.
Any healthcare practitioner must undergo this process periodically (approximately every two years). For this purpose, all their records are verified by the Credentials Verification Organization (CVO).
This article will detail the benefits of medical credentialing for healthcare practitioners.
5 reasons why medical credentialing is important
Proves your credibility
Healthcare is a sensitive profession, and as a medical practitioner, you’re directly dealing with people’s lives. It is why patients are wary of who they seek medical advice from and always prefer to know the credentials of the consulting professional. It gives you the incentive to keep yourself updated with the latest practices in your field. By doing so, you’ll instill a sense of confidence in your patients and improve your regional reputation by credentialing.
Ensures payer compliance
Most insurance companies and other third-party service providers require credentialing healthcare practitioners. As it’s a compliance measure, if you avoid it or delay it for any reason, these providers will not be able to pay you—resulting in overall loss in revenue over time.
As the process takes a long time in different states, it’s crucial to get started as soon as possible. It’s also important to note that physicians have to renew their credentials every two years, but that period depends on the payer.
Maintain hiring standards
Hiring in the healthcare industry has its own challenges, so recruitment agencies are particular about verifying credentials beforehand. It ensures that only qualified candidates are picked through the process. Once credentialed, the medical practitioner receives their official contract from the insurance company, and more often than not, recruitment agencies use that data to hire the best fit.
It’s an excellent way to find potential opportunities in the local region indirectly. The data is used by medical offices, hospitals, government health centers, and other clinics. You can also use that data to hire credentialed staff for your practice if you have one.
Reduces medical errors
When healthcare workers get themselves credentialed, it only proves the quality and standards of the medical community. It gives patients and potential partners confidence in your abilities and subject matter expertise. By hiring a competent team, medical errors also decrease over time. Also, you become adept at adapting newer technologies and methods in your field—leading to higher success rates.
Gives you a competitive advantage
The healthcare industry is one of the most competitive industries in today’s day and age. It means that any independent practice or healthcare center must ensure they’re on top of compliance requirements, no matter what.
Your authority and reputation are built over time, leading to more customers and potential partnerships in the near future. In the long run, it leads to a fruitful and successful business.
Medical credentialing is a necessary yet long-drawn-out process
Depending on the state of authority, the entire process could take 60 to 90 days. Because of the level of work involved here, we recommend preparing for it 2 to 3 months in advance. The process is critical to the success of your business which is why it is considered to be non-negotiable.
If you’re looking for a managed service provider to help you through the credentialing process, reach out to us today.