There are two costs associated with the credentialing category of the revenue cycle in the medical field. We will identify them as internal and external costs. It’s important to note the costs associated with verifying the credentialing effective date on the facility and health plan sides are not included and are one of the primary sources of delays.
Internal Costs are soft costs generally absorbed within a practice by either dedicated personnel or by personnel that are primarily dedicated to other tasks. Internal costs can be outsourced to a third party in part but still require provider interaction to some extent. Functions of the cost are primarily related to time spent populating applications, application review, tracking down data, tracking down documents, responding to follow up requests from credentialing bodies, signing paperwork, etc.
Physician ($163.96/hr) 3.4 hours $557
Support Staff ($18.37/hr) 29.4 hours $540
Total Per Physician Internal Costs $1,097 * 30% for taxes and insurance= $1,426.10