The Financial Improvement section on TheraNest’s blog is your go to place for financial advice, resources, and overall betterment. Improving Your Practice’s Finances Are you ready to take control of your financial future? Do you feel like your private practice is not running as efficiently as it should be? Are you looking for ways to diversify your income? Confused about the different financial tasks that go into building a successful private practice? If you answered yes to any of these questions then you’re in luck because you’ve come to the right place. Maybe they can provide you with helpful pointers. Ask someone who’s on a panel that you’re applying for. Another option is to ask for a therapist to mentor you through the process. You’ll have to decide for yourself whether it’s worth a few hundred dollars per credentialing to avoid filling out the lengthy applications required.
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Should You Hire a Credentialing Company? There are benefits to hiring someone else to do the paperwork and follow up, but of course, it’s not a free service. So, if you’re hoping to get credentialed before opening up your private practice, plan ahead. If you have to appeal, it can take up to six months or longer. The entire process can take between two to four months. Keep in mind that some companies require that you wait for 45 days before contacting them. Follow up after you’ve submitted the application and then call every few of weeks until you’ve been accepted (or rejected). If it’s not processed in time, your application may expire or time out, and you’ll have to go through the entire grueling process all over again.
It’s your responsibility to make sure that they’ve received your application and are processing it. Insurance companies rarely, if ever, follow up on applications-remember it’s you who wants to get listed, not necessarily the other way around. Follow up on your application with the insurance company’s provider relations department. Following Up is Important Don’t let your application fall into purgatory. Also make note of who you spoke to and when you submitted your paperwork. Don’t forget to keep a copy of all of your documents. Submitting online is faster, and more reliable (there’s no paperwork to lose). While you’re able to print off and complete your application via paper, it’s best to do it online. You’ll fill out between 20 to 50 pages (50 pages for Medicare).
The CAQH application is pretty lengthy and laborious.
While setting up your CAQH, you can grant authorizations to any insurance company that you’d like to view your information. That’s good news because if you’re applying to more than one panel, you’ll only need to fill out your CAQH application once. Most major insurance companies verify your self-reported data through a CAQH. More than 100 managed care companies use CAQH to process applications. This non-profit coalition was formed by insurance companies to create a single, uniform application for credentialing providers. CAQH stands for Council of Affordable Quality Healthcare.
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