Credentialing and Contracting Services Benefits for a New Podiatry Practice 

Starting your own new Podiatry practice is an exciting and overwhelming process, however, could seem sophisticated from the start-up: finding the right location, fixing your employees, building your complete, and achieving profits are one of the foremost necessary initial steps on the road to money success is fulfilling your Podiatry Practice credentialing and enrollment becoming related with insurance corporations in order that you’ll receive third-party payment. Credentialing is needed for in-network payments from insurance companies.

But regardless of how complex this process is in the end you would need expert advice when it comes to credentialing and enrollment. This is why providers starting their new podiatry practice should have an obligation to identify the best perfect credentialing services provider to ease the paperwork and follow-ups of your credentialing and focus on setting up the administrative tasks and hiring clinical staff etc, In this blog let’s see why new podiatry practices need credentialing service providers, the workflow of the process and the benefits.

Credentialing process and how it works:

Medical credentialing is a process that is market-driven that seeks to keep up standards of quality within the physicians or podiatry providers to give beneficial patient care. The process of credentialing involves direct contact with primary sources for the verification of a podiatry provider’s qualifications.

The credentialing authority can contact the university wherever the podiatry provider received 

their podiatry medicine degree, had their coaching, and did their residency, to verify their credentials. Moreover, they’re going to conjointly contact certification boards and licensing agencies to verify licenses and podiatry specialty certificates.

Other employers will ensure their work history. Credentialing is crucial for all new podiatry practices, however, it’s performed at regular intervals even when hiring to adapt to the standards of regulative and accrediting organizations once the new podiatry practices are up and running for a few years in the future.

Things a new podiatry practice owner should do before starting the credentialing process:

• Register with IRS and get a Tax ID. An experienced attorney or a certified accountant can guide you through this registration process and complete the application.
• Enroll for a Type 1 and Type 2 National Provider Identifier (NPI). Type-1 Healthcare provider’s NPI is Type 1 and The practice business NPI is Type 2  Type-2 NPIs are for businesses. BillingParadise Credentialing experts can assist with getting these NPIs.
• The bank account registration process under the NPI enrolled name of the legal name of the new podiatry practice.
• Set up the location to open your new podiatry practice.
• Get malpractice insurance for your podiatry practice

Only after this process, any new podiatry practice owner can be able to proceed to the next step which is identifying the potential patient population and insurance companies to get credentialed.

Processes that are included in our credentialing services:

• Payer Enrollment and Credentialing services for all podiatry providers.
• PECOS and CAQH Registration, Enrollment, and maintenance.
• Individual to Group podiatry practices change and update.
• Contract Negotiations and re-negotiations with health plans.
• Fee Schedule Creation and Evaluation
• Credentialing for Podiatry Telemedicine practices.

Crucial podiatry credentialing process workflow that we do not miss:

Provider numbers and information verifications:

Verifying all the provider numbers including individual and group NPIs, Tax IDs, License numbers, registered addresses, qualifications, etc. before application filing or claim submission.

Billing and payment address validation:

Validating or updating the group or the billing address or pay-to address with the insurance companies. 

EDI and EFT enrollment:

Enrolling with both EDI or clearinghouse along with electronic funds transfer (EFT) so that your practice may receive payments directly to your bank account using Electronic Remittance Advice (ERAs)

Monitoring credentialing staff work:

Our customized online platform shows the performance and regular updates of your credentialing application in real-time.

Benefits of a new podiatry practice credentialing and contracting services:

There are various benefits when it comes to enrolling and credentialing a new podiatry practice but the most important benefits are mentioned below:

Patients trust network podiatry providers:

Trust between podiatry providers and patients is the foundation of any successful podiatry practice. When a patient is aware of very little regarding his or her doctor’s qualifications is a smaller amount probably to place their full trust in their podiatry doctor. But, once a patient is aware of their podiatry provider is totally qualified, he or she is additional probably to possess confidence in them, join with the counseled treatment setup, and additional freely disclose personal info that will improve their treatment.

Credentialing increases the reputation of your podiatry practice:

Once your podiatry practice is enrolled and it will be visible to all patients and around the location of the practice to be listed as a network provider. Given the fact that the insurance company has verified most of the podiatry providers’ certifications, licenses, and experience the patients will automatically promote your podiatry practice’s success thereby increasing your reputation.

Preventing revenue loss with updated credentialing data:

Credentialing prevents revenue loss from the roots. Most provider issue denials are due to not updating correct information during credentialing of the new podiatry practice. Having a credentialing services provider like BillingParadise will ensure these errors do not occur in the future.

Improves overall revenue for your podiatry practice:

Medical credentialing permits practitioners to simply accept patients coated by insurance. consistent with the Bureau of Labor Statistics, 91.4% of American citizens had insurance coverage for all or a part of 2020. which will translate into augmented patients for certified health care practitioners with approved payor contracts. to not mention the chance to earn higher revenues.

New podiatry practices always have a hard time figuring out the right credentialing service vendor that also takes care of RCM. However, in the healthcare RCM market, there are certain credentialing service providers that charge much higher which a new podiatry practice cannot afford.

By enrolling with BillingParadise for the complete RCM services including medical billing, coding, charge capture, payment posting and reconciliation, AR, denial management, etc. The new podiatry practice can save up a lot of time and money with our free credentialing services as an add-on for enrolling in our Revenue cycle management services.

Do not miss this opportunity! Visit our credentialing page and set up an in-person appointment with our team to learn more!

Schedule an appointment now!

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