Credentialing is a complex and challenging process. 5ACVO is here to help change that with a smarter credentialing solution, reducing your credentialing cost while providing more resources to streamline and manage the credentialing process.
Credentialing Focused On Keeping Costs Down
5ACVO lowers the credentialing costs while increasing the quality and efficiency of the credentialing process. Services through 5ACVO are 69% cheaper than the conventional credentialing process, and we have the data to back up those claims.
Here is the supporting credentialing cost data:
- Per NAMSS research, the mean ratio of MSPs to credentialed medical staff and practitioners is 1:112.
- According to salary.com, the total industry compensation of a Sr. Credentialing Specialist is about $72,725, including taxes and benefits.
- Factoring these metrics together results in an average cost of $649 per credentialed provider.
5ACVO credentialing costs are approximately 69% lower than the credentialing costs above. This metric is based on industry means and the NAMSS Sept 2009 research study.
Our goal is to reduce credentialing costs for our providers across the country. By working with 5ACVO, your credentialing costs become a single line item, making it easier for your budget to manage. You also don’t have to worry about unexpected employee expenses, as 5ACVO’s credentialing cost won’t change due to employee turnover, PTO, or sick leave.
In addition to reducing credentialing costs, we aim to speed up the entire credentialing process and give our providers additional tools and resources to make the entire credentialing process simpler and better.
Credentialing Efficiency in the Process
Credentialing is time-consuming and requires several procedures and reviews to adequately verify your providers’ credentials. NAMSS 2014 Ideal Credentialing Standards Roundtable Report lists many of the most common steps practitioners undergo before seeing patients.
There are roughly 52 traditional credentialing steps, and 5ACVO reduces these 52 conventional credentialing steps down to just 6 simple credentialing steps to have a completed credentialing file in hand, ready for presentation to the board for review and approval.
5ACVO takes the 52 conventional credentialing tasks and cuts them down to 6 simple ones.
More Credentialing Resources
Not only is 5ACVO less expensive than the average industry credentialing costs, but we are much more efficient. According to the NAMSS survey, CVO processing is 5-7 days faster than in-house credentialing.
Faster credentialing allows your credentialed providers to see patients and begin billing faster while cutting costs. Using research from Merritt Hawkins, credentialed providers through a CVO can see a net of $47,196 in new billing opportunities. 5ACVO allows you to obtain similar revenue rewards while providing a less costly, more efficient credentialing process.
5ACVO’s trained team of experts will aim to give you better credentialing, cutting out many basic credentialing tasks. We come with a level of quality and polish gained from centuries of combined experience:
- Fifth Avenue Healthcare Services, as an organization, boasts 385+ years of experience within the medical credentialing and liability industry.
- 63% of our team’s experts have 10+ years of experience in the industry and
- 44% of the team has 20+ years of experience.
Our highly efficient credentialing team gives you the confidence that a team will take every step of the process with the experience and expertise to do the job right.
Additionally, 5ACVO simplifies credentialing, giving you ONE point of contact, ONE phone number, and ONE email for all your credentialing needs.
More information 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 sister 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.
