• July 29, 2024
• | Credentialing

It’s easy to think of provider credentialing as a process of “checking all the boxes” to stay compliant. But what if modernizing this process could actually give your practice a competitive edge? In fact, many medical practices are using credentialing technology to streamline operations and position themselves as market leaders.

Let’s explore how your practice can gain a competitive advantage with better credentialing systems.

Improving time to care 

Credentialing serves as the gateway to patient care by ensuring your providers meet rigorous standards of competence and ethics. But this critical process is notoriously slow, often taking 80 to 120 days to complete. Meanwhile, patients are waiting — and they might even search for another provider.

Smart medical practices recognize the strategic role of credentialing and are turning to technology to expedite the process. For example, adopting credentialing platforms, such as Modio’s OneView, can result in turnaround times of less than 20 days. Accelerating the credentialing process helps you expand patient access, providing a distinct competitive advantage.

Driving efficiency and scalability

Beyond speed, credentialing technology makes your practice operations more efficient and scalable. The provider credentialing process involves tracking thousands of data points. The right credentialing tool helps you centralize all this data in one place and streamline verification processes. Meanwhile, automation replaces outdated tools like paper documentation, faxes, and spreadsheets. 

Medical practices spend an average of $7,000 for each provider credential application, plus 20 hours of administrative time. Technology allows you to manage credentialing for more providers with fewer staff hours, so your team can redirect that time and energy to improving patient care and experience. This means your practice can reduce costs, meet growing patient demands, and improve financial performance — without compromising quality. 

Enabling continuous improvement and compliance

With the technology available today, there’s no reason your practice should suffer interruptions to critical business workflows. The right platform not only accelerates initial credentialing, but also supports continuous credential monitoring and updating. This means your practice can automatically check licensure at a regular cadence and flag any issues before they create delays. Make sure your credentialing process includes integrations with regulatory bodies such as the Drug Enforcement Agency (DEA), Office of the Inspector General (OIG), and Federation of State Medical Boards (FSMB).

The shift from periodic to real-time credentialing ensures ongoing compliance and readiness, critical for maintaining high standards of patient care. 

Appealing to providers

Improving the credentialing process also elevates your practice in the eyes of providers. Delays in the credentialing process can cost your providers thousands of dollars in revenue, as well as the impact of patients who turn elsewhere for care. The absence of a physician can result in monthly revenue losses of around $130,000 per physician.

By reducing the administrative burden of credentialing and streamlining access to patient care, you allow providers to practice at the top of their license and mitigate the risk of provider burnout.

Offering these benefits allows your practice to recruit and retain top-tier providers. In turn, they provide the quality care that patients expect and need. 

Supporting future readiness

As digital transformation and changing consumer expectations continue to sweep the healthcare industry, technology will create a clear divide among medical practices. Forward-thinking practices will embrace tools like advanced credentialing solutions to streamline their operations and boost their reputation for efficiency and reliability. Credentialing technology positions your organization as a leader in delivering timely, high-quality care. 

Delivering measurable results

The benefits of streamlined credentialing processes are clear and measurable — and performance management is key to capturing these benefits. If you’re looking to implement a credentialing tool, be sure to define goals and set metrics to measure efficiencies and return on investment. Monitor these metrics closely to ensure that you’re getting the most from your credentialing technology.

Final thoughts

Provider credentialing is no longer merely a regulatory necessity — it’s a strategy for standing out in a competitive market. Efficient credentialing practices are key to attracting top-tier providers, expanding service offerings and delivering outstanding patient experiences. With a tech-enabled approach, medical practice managers can accelerate processes, reduce administrative burdens, and ultimately improve 

the full spectrum of healthcare delivery.

Modio can help.

Modio offers provider credentialing software and external credentialing teams to help your practice gain a competitive edge. Get in touch.