When we meet with potential clients, some hesitate to externalize their credentialing and enrollment processes. Outsourcing, however, provides various perks and benefits that help your organization function at optimal levels, gain market share and increase profit.
Operating costs are the expenses that are associated with a business’ day-to-day maintenance and administration costs. The total operating cost for a company includes the cost of goods sold, overhead expenses, and operational expenses. The total operating cost is deducted from the gross revenue and reflected in a company’s income statement. Operating costs are typically composed of many components of operating expenses, including:
- Repair and maintenance costs
- Salary and wage expenses
- Accounting and legal fees
- Bank charges
- Sales and Marketing costs
- Travel expenses
- Entertainment costs
- Office supply costs
Operating costs are also composed of the cost of goods sold, which are the expenses directly related and tied to the production of goods and services. Some of which are:
- Direct labor
- Direct material costs
- Rent of the plant or production facility
- Benefits and wages for the production laborers
- Repair costs of equipment and machine (if applicable)
- Taxes of the production facilities
Companies like Contracting Providers are experts in processes like credentialing. They ensure top-quality end-to-end credentialing process management; reduces operating costs, usually around 30-40%. You may expect less to zero mistakes in your credentialing once you outsource this process to them.
With Outsourcing, you no longer have to worry about revenue cycle leaks, for partnering with experts on credentialing will relieve your credentialing headaches and boost your reimbursements. You can say goodbye to incomplete applications and inaccurate data. Outsourcing your credentialing processes can put your mind at ease. At the same time, giving you more time in your hands to focus on what matters – your practice.
Provider credentialing and enrollment with the payers is becoming more demanding and strenuous every single day. With most insurance panels getting a bulk load of work due to the burst in membership applications and a lot of them being particular about enrolling providers, the process of enrolling or registering your facility is becoming more challenging. Under the circumstances, outsourcing your credentialing and enrollment not only looks like an attractive option to increase efficiency but also makes financial sense.
Contracting Providers have been helping providers with enrollment and credentialing with more than 40 years of experience. We go through paperwork and know how to avoid setbacks. We specialize in the language payor groups and insurance use, helping us glide through data and rarely make mistakes. Having dedicated personnel to watch the changing industry is a must. We pay close attention to requirement updates per state and notify you if something has changed. This is a full-time task that doesn’t allow room for error.
Between using internal resources, time, and labor, expenses associated with keeping some services in-house add up. We help ongoing expenditures stay low and reduce tasks that clutter you or your staff’s to-do list. We are always communicating with payor group representatives, and we have developed exclusive access to many of them. We ignore automated systems and middlemen because we have the direct line to who we need. We operate in a limited capacity – focusing on specific healthcare industry tasks – making us fast and efficient at what we do.