Demand for healthcare services is growing fast, and delegated credentialing can pay significant dividends in both time and money for healthcare organizations looking to keep pace with industry growth. Delegated credentialing can help reduce operational costs and support provider groups in having control and consistency in their revenue cycles.
There are four strategic benefits associated with leveraging an internal or external CVO to manage and centralize the provider credentialing process:
Delegated credentialing agreements can greatly reduce the time it takes to successfully enroll a provider with a Health Plan. Without delegated credentialing, it can payers up to 120-160 days to credential a provider. Obtaining delegated credentialing agreements with payers can reduce this timeframe to 30-45 days.
Providers performing health procedures at several facilities within an organization carry an additional credentialing burden – each facility must verify the same credentials. Centralizing the process can help optimize the process and give the medical staff more time to attend to other responsibilities – including privileging and board approvals.
In a normal scenario, providers working across separate facilities would need to individually complete credential verification paperwork for each facility. Centralizing the process saves providers a lot of time and reduces energy expenditure redundancies.
Reducing the overall amount of paperwork providers are responsible for frees them up to see more patients. Increased patient encounter volume directly correlates with organizational revenue and, ultimately, reimbursements.
The initial credentialing process can take a great deal of time. Centralizing operations through delegated credentialing helps support faster onboarding for providers, reducing scheduling time and increases patient satisfaction.
