20 Ways a CVO Can Cut Costs

Verifying that your doctors and nurses are properly trained and certified is routine. Handing this process to a credentials verification organization (CVO) like 5AVCO can reduce the time and money you and your staff put into each laborious step. Your overhead and operating budget will see tremendous reductions.

Here are the twenty ways working with a CVO can cut costs:

1. A CVO reduces replacement costs. As you grow, you often need to add staff to keep up with all the credentialing requirements.  A credentialing specialist’s average base salary is more than $40,000 a year. That’s money you can save by outsourcing to a CVO.
2. Less staff also means fewer payroll taxes, less insurance coverage you’re liable for, and other fringe benefits. A CVO can save you $21,000 in reduced taxes and benefit costs per employee.
3. A seasoned specialist will demand a higher salary, usually upwards of $100,000 annually. Or, you can pay a CVO team a lower monthly fee and get 385+ years of experience to work for you.
4. An inexperienced specialist can open you up to medical malpractice, costing you a fortune. Reduce your liability risk with a highly trained CVO.
5. You no longer must worry about credentialing staff turnover when you outsource your credentialing services. Turnover costs more money than you’d think. You’ll save that amount when you work with a highly effective team that specializes in credential verification.
6. If you don’t employ a credentialing specialist and currently rely on other office staff, a CVO can free up your employees to focus on the jobs they’re better suited for. A CVO takes on the important responsibilities of the process, and the result is fewer mistakes and quicker approvals.
7. Traditionally, your staff must complete 52 conventional credentialing steps in the credentialing process. 5AVCO red ces that number to 6. Your staf  can focus on other tasks, or you can reevaluate your staffing needs.
8. With a CVO, you no longer must rely on offline processes like makeshift programs, spreadsheets, and checklists. These ine ficient methods usually result in errors that increase your liability risks and a possible loss of patients.
9. Save money by ditching credentialing software. Depending on the size of your business, you could be spending over $400 per month on software alone according to TrustRadius. Factor in the time to train staff on how to use it and you could be looking at a much higher number.
10. If you use credentialing software, you might have an IT specialist or department. Using a CVO reduces the burden on your IT department.
11. CVOs are unbiased organizations. Physicians and staff members applying to your facility will experience equal treatment throughout the process, reducing any litigation risk based on accusations of discrimination.
12. A CVO’s non‐biased approach improves patient safety, mitigating your malpractice risk.
13. You no longer must worry about keeping up with accrediting standards. CVOs stay up to date with regulatory changes, saving your staff time.
14. The average office worker uses 10,000 sheets of copy paper a year, costing their business roughly $76 per employee. Employing a CVO drastically reduces your office’s paperwork load, lowering your materials budget.
15. Less paperwork also means there are fewer forms you’ll have to secure. If you ke p paperwork on-site, then an average file cabinet costs businesses $1,500 a year. Off-site  torage costs just as much depending on your document volume. You won’t have to deal with these costs when outsourcing your credentialing verification.
16. CVOs offer secure, online access to sensitive files that could be stolen if you’re storing them at your facility. Missing p perwork will result in losing time reentering data and refiling forms.
17. CVOs only perform credentialing services. This lase -sharp focus allows them to process verifications 5 to 7 days faster than in-house methods. This can  esult in additional billing revenue for each provider of just over $47,000.
18. You only have to submit applications once to CVOs instead of each time verification is needed. There are no additional wait times or fees.
19. The most successful CVOs have access to resources that will expedite the verification process, reducing your workload even further.
20. 5ACVO.com’s credentialing cost is about 69% lower than conventional credentialing costs, resulting in instant savings.

More about 5ACVO

5ACVO is a NCQA Credentialing Accredited specializing in credentialing and primary source verification and is part of the Fifth Avenue Healthcare Services family. 5ACVO sis er companies include Fifth Avenue Agency (MPLI and medical malpractice insurance specialists) and Primoris Credentialing Network (credentialing and provider enrollment specialists with 54+ health plan and network provider enrollment options).

5ACVO originally published this article here. For more information on 5ACVO, please visit 5ACVO.com or Contact Us.