Large organizations often have entire departments focused on credentialing and other onboarding tasks, but credentialing challenges often boil down to archaic processes that are time-consuming and flawed. Credentialing goes through the same basic steps and forms with each payer they are contracted with, meaning they are doing the same thing over and over. On top of that, much of this work is done manually. A 2019 CAQH study found that 84% of “attachments” shared between payers and providers are still traveling via snail mail or fax instead of a fully electronic method. When human errors inevitably occur, reimbursements for services rendered can be delayed or even denied.
Delays in credentialing can be costly to providers and the organizations they work for. On average, a single provider earns $2.3 million for the facility they work for per year. By those numbers, even just a delay of a few weeks could cost an organization $150,000. For large organizations with hundreds of providers, this missed revenue could be detrimental. Read more from our CEO, Eric Demers, in Credentialing Resource Center Journal here.
