Accelerating hiring: The power of outsourced credentialing for healthcare executives
Managing credentialing and onboarding processes poses significant challenges for healthcare practices. The process is so time-consuming that it can divert resources from patient care and hinder a firm’s ability to swiftly hire qualified physicians and healthcare professionals.
To overcome these obstacles and streamline their revenue cycle management, physician practices, hospitals, and outpatient clinics are increasingly turning to outsourced revenue cycle management (RCM) services.
The benefits of outsourcing credentialing services
According to the Association for Advancing Physician and Provider Recruitment, in 2019, recruiters reported it took an average of 123 days to hire a physician and 63 days to hire an advanced practice provider.
Things have only gotten worse since the pandemic.
There are three primary advantages to outsourcing credentialing services: reduced costs, better compliance scores, and a shorter time to fill.
Reduced costs: Outsourcing credentialing services can lead to cost savings by eliminating the need for maintaining an in-house team and investing in expensive software. It also can help firms avoid penalties resulting from non-compliance.
Greater compliance scores: Professional outsourcing credentialing providers are experts at navigating regulatory requirements and accreditation standards, resulting in improved compliance scores for healthcare organizations.
Reduced time to fill: Outsourcing credentialing services streamlines the verification and validation process, reducing the time required to fill critical positions. This benefit leads to faster hiring, minimizing staffing gaps, and ensuring continuous patient care.
Radiant case study: Outsourcing credentialing cut labor costs 40%
When a large staffing agency turned to Radiant Healthcare to improve the speed and quality of its credentialing operations, Radiant created a solution that led to a 40% savings in labor costs. The new system also boosted the company’s compliance score from 84% to 95%.
Radiant Healthcare’s case study showcases how outsourcing credentialing can lead to significant financial improvements, illustrating the transformative impact on operational performance.
By outsourcing credentialing, the staffing agency was able to refocus its internal resources while improving its already-stellar performance. The firm was empowered to excel in its core mission while optimizing operational efficiency and maintaining a professional standard of care.
Outsourcing credentialing is a “game changer”
With physician hiring taking longer than ever before, outsourcing credentialing has proven to be a game-changer for healthcare practices, offering a host of advantages that boost efficiency, compliance, and overall financial health.
By freeing valuable resources and time from administrative burdens, healthcare organizations can concentrate on delivering superior patient experiences and improving care outcomes. The reduction in time-to-fill critical positions also ensures seamless continuity of patient care, minimizing staffing gaps.
