Why Outsourcing May Be the Smarter Investment
Credentialing is vital for healthcare organizations, ensuring uninterrupted billing, regulatory compliance, and stability. However, its true cost, in time, money, and stress, is often underestimated. Choosing between in-house management or outsourcing to experts like Preferred HCP impacts your practice’s efficiency and success.
The Hidden Burden of Managing Credentialing In-House
In-house credentialing may seem cost-effective, but hidden costs quickly add up. A detailed, deadline-driven process, it diverts administrative or billing staff from core tasks, leading to inefficiencies. Industry data shows 60% of practices rely on manual processes, increasing errors. A credentialing coordinator’s salary, averaging $50,000 to $70,000 annually plus benefits, adds significant expense, especially with 15–20% admin turnover rates.
Delays are even costlier: a single error or missed revalidation can delay onboarding or halt payer participation, costing $15,000 to $30,000 per provider for a three-week delay, based on daily reimbursements of $1,000 to $2,000 across provider types. Noncompliance risks, like lapsed licenses or missed CAQH attestations, lead to audits, penalties, or payer termination, jeopardizing revenue and reputation.
The Value of Outsourcing Credentialing
Outsourcing to Preferred HCP’s healthcare credentialing services eliminates these burdens. Our experts focus solely on payer enrollment, revalidations, and compliance, reducing errors and cutting approval times by weeks. We manage CAQH maintenance, provider recredentialing, hospital affiliations, and payer updates, ensuring providers stay active and billable. By proactively tracking expirations and deadlines, we prevent gaps in reimbursement and patient care access, offering peace of mind.
Compared to hiring staff or facing delay costs, our managed service provides expert support and predictable pricing, saving time and money while maintaining compliance.
Take Control of Your Credentialing Today
Credentialing is too critical to leave to chance: errors risk revenue, compliance, and patient care. In-house management often leads to costly delays and oversights. Preferred HCP’s outsourcing solutions streamline operations and protect your bottom line. Curious about saving time and money? Contact us today for a free discovery call to explore how our healthcare credentialing specialists can support your practice.
