Credentialing for New Physicians: Key Startup Tips
Welcome to our latest guest post! At Infinity Medical Marketing, we specialize in digital marketing, and a good portion of our clientele comprises physician practice startups. We understand the unique challenges and opportunities that new medical practices face in today's dynamic healthcare landscape. While our core services focus on digital marketing, we believe in providing comprehensive support and resources to our clients. That's why we're excited to bring you this insightful blog post. It's not directly related to the services we offer, but it's highly relevant to you, our valued clients and readers. Whether you're in the early stages of setting up your practice or looking to refine your existing operations, this article offers essential tips on physician credentialing—a critical aspect that can significantly impact the success and smooth functioning of your practice. We hope you find this information valuable in your journey as a healthcare provider.
Navigating the Complexities of Physician Credentialing: A Starter Guide for New Practices
Starting your journey in the world of medicine as a physician is both exciting and challenging, particularly when it comes to the crucial process of physician credentialing. This process is vital for ensuring you are recognized and authorized by insurance providers, a step that is essential for your career and practice. Here are a few key things you should know when being credentialed for the first time, especially if you're at the helm of a physician startup:
The Importance of a Permanent Business Address
Many new providers make the common mistake of initiating the insurance credentialing process using their home address. However, this approach can lead to complications, especially with Medicare, which may conduct unexpected site visits. Establishing a permanent business location before starting the credentialing process is not just a formality—it's a necessity for smooth operations and compliance.
Choose Your Credentialing Partner Wisely
The allure of saving costs with unvetted credentialing companies can be tempting. However, this decision often backfires when these companies outsource the work overseas, leading to a loss of control, money, and, crucially, time. The aftermath is usually a complicated mess to unravel regarding what was or wasn’t done in your credentialing process. Selecting a reputable, experienced credentialing partner is crucial for a seamless and effective process.
The Pitfalls of a DIY Approach
Credentialing is a complex, nuanced, and ever-changing process. Attempting to tackle it single-handedly to save money can be a significant misstep. It requires expertise in dealing with various insurance carriers, each with their specific requirements and preferred software platforms. This is not a task for providers to handle alone. Investing in professional assistance is not just about getting the job done; it's about getting it done right.
Banking Choices Matter
For the financial aspects of your practice, particularly for Medicaid Electronic Funds Transfer (EFT) deposits, the choice of your bank is critical. Opting for an “online-only” bank has proven problematic in many cases, as these banks often fail to verify accounts with Medicaid, even with the owner’s permission. A traditional brick-and-mortar bank, in contrast, tends to be more reliable and compliant in these matters.
Conclusion
Credentialing is a pivotal step in setting up your practice. Avoiding these common pitfalls can save you time, money, and a great deal of stress. Remember, when it comes to physician credentialing and setting up your physician startup, being well-informed and prepared is half the battle won.
We would like to thank Paula Easterly, Founder and President of TruMark Credentialing for this guest post.
