As a healthcare provider, providing excellent patient care is job one, two, and three. But at some point, you want to be paid for your services, right? That usually starts and ends with insurance companies and which health plans your patients are enrolled in. But health care professionals like you need to be credentialed with insurance companies–but what is insurance credentialing?
Insurance allows you to offer affordable healthcare to your patients. Without health insurance, the cost of many procedures–even routine services–would be out of reach for many people.
Insurance credentialing is a critical step healthcare providers take to gain third-party reimbursement for services. Credentialing is the process of verifying that healthcare providers have the necessary qualifications and experience to practice, as well as having valid licenses in their respective states. It also involves verifying any medical malpractice insurance coverage that providers may have.
What is Insurance Credentialing?
Credentialing typically begins with an application from the healthcare provider, including information about their education, training, licensure status, and scope of practice. All of this must be verified by a designated agency. If approved, the provider will then be eligible for payment from insurers. The entire process can take anywhere from four to six weeks, but can sometimes stretch even longer depending on the provider and details of their application.
The credentialing process is complex, but it’s an essential part of gaining approval from insurers to provide services and receive reimbursement. Without it, healthcare providers wouldn’t be able to obtain payment for their services. The process can also be time-consuming, as there are often a number of forms that need to be completed and submitted accurately in order for approval.
To make sure all providers are qualified, most insurance companies require re-credentialing on a regular basis. This involves verifying all necessary documents such as licensure, malpractice insurance, and other credentials associated with the provider’s practice. It’s important to keep in mind that if any information changes – such as address or phone number – the paperwork must be updated to reflect these changes. Doing so helps ensure that providers remain in good standing with the payers in their area.
It’s important to note that insurance credentialing can vary depending on the type of provider and insurer. It’s important to research each individual insurer’s requirements in order to complete the process accurately and efficiently. By taking the necessary steps and staying informed, healthcare providers can easily navigate the insurance credentialing process quickly and securely.
Credentialing is a crucial step for medical professionals looking to provide services and get paid by insurers. Understanding what is required, as well as keeping up to date with any changes, will help make sure all providers are qualified according to their respective insurers. This will ensure that healthcare providers receive appropriate reimbursement for their services and continue to provide quality care for their patients.
The Insurance/Medical Credentialing Process
Here are the general steps that a healthcare provider needs to follow for insurance credentialing:
- Determine which insurance plans you want to be credentialed with
- Gather required documentation
- Complete the application
- Submit the application and supporting documentation
- Wait for review and approval
- Follow up on the application
- Sign the contract
- Complete any additional requirements
- Begin participating
Determine which insurance plans you want to be credentialed with: Before beginning the credentialing process, it’s important to identify which insurance plans you want to participate with. This may depend on your practice location, patient demographics, and other factors.
Gather required documentation: Each insurance plan may have specific documentation requirements for credentialing. This may include items such as proof of licensure, malpractice insurance, education and training, and references.
Complete the application: Once you have gathered all the required documentation, you will need to complete the credentialing application for each insurance plan. The application will ask for detailed information about your practice, including provider information, facility information, and billing information.
In most cases, you’ll send this information to the Council for Affordable Quality Healthcare (CAQH). Their universal provider credentialing service allows you to apply for credentials with multiple insurance plans using just one CAQH provider identifier. During this process, you’ll get primary source verification, which helps streamline the process of getting credentialed with multiple insurers.
Submit the application and supporting documentation: Once the application is completed, it will need to be submitted along with all required documentation to insurance panels. Some insurance plans may require a fee to be paid at the time of application submission.
Wait for review and approval: After submission, insurance panels will review your application and documentation. This process can take several weeks or even months, depending on the insurance plan. But they must give you an answer within 90 days, either to accept or reject your application.
Follow up on the application: During the review process, it’s important to follow up with the insurance plan to ensure that your application is progressing and to address any questions or concerns they may have.
Sign the contract: Once your application has been approved, the insurance plan will send you a contract to sign. This contract will outline the terms and conditions of participation, including payment rates and policies.
Complete any additional requirements: Some insurance plans may require additional training or certifications before you can begin participating in their network.
Begin participating: Once you have completed all the necessary steps, you can begin participating in the insurance plan’s network and accepting patients with that insurance.
Advantages of Being Credentialed
Being an in-network healthcare provider leads to improved care delivery with more patients having access to your services, resulting in higher patient satisfaction, and better healthcare outcomes. Financial stability–for you and your practice–is also a perk that comes with being a part of an insurer’s network. The credentialing process may take some work, but it’s worth the effort for the long-term benefits it can bring to your practice.
Taking the time to research and understand insurance credentialing can help ensure that providers remain in good standing with their respective insurers and are able to obtain payment for their services without delay. With the right guidance, understanding how to navigate the complex credentialing process doesn’t have to be a daunting task!
It’s important to note that credentialing requirements may vary depending on the insurance plan and location. It’s always a good idea to consult with a healthcare consultant or legal professional who can provide guidance and assistance throughout the credentialing process.
What is Insurance Credentialing: Still Unsure? Call in the Experts!
Are you a medical provider who is struggling with the insurance credentialing process? Look no further than MBA Medical for help. With over 30 years of experience working with medical providers, we have the expertise needed to handle all aspects of the process. We understand that navigating the world of insurance can be overwhelming, which is why we take care of all the details for you.
You can be confident that we will make all the calls, submit all the necessary forms, and speak with all interested parties, ensuring that the process is completed quickly and efficiently. Let us help you simplify your practice and take care of the credentialing process for you.