The Hidden Costs of Onboarding
Those familiar with the world of healthcare administration are no strangers to the enormous costs associated with employee onboarding and credentialing. Tracking and managing onboarding regulatory requirements creates high costs for medical facilities. Just the thought of the personnel hours required and potential for financial losses due to denied claims are enough to make administrators shudder.
The Value Lost
The Medical Group Management Association (MGMA) reports that medical facilities lose almost $100,000 in staff wages every year due to the administrative burden of onboarding new hires, and that a typical practice can expect to spend more than $7,000 on one provider application. The potential for expenditure doesn’t stop there, however. If a physician isn’t credentialed or recredentialed in a timely manner, the delay will impact patient scheduling, billing and coding, and, if the provider is seeing patients, their services will not be billable against Medicare or Medicaid. That lost revenue could be costly for a lower-level provider — let alone a specialized physician.
As the value-based care healthcare model gains traction, care coordination and the corresponding administrative lift increase as well. Additionally, increasingly mobile hospital professions (i.e. telemedicine, remote care) are originating more data change, which adds to the existing administrative burden. An increase in data exchange and administrative hoops to jump through means a widening margin for error, the ensuing cost of which could be staggering.
The Solution: Flow
No matter how hard-working, meticulous or reliable your administrative and human resources staff may be, a software program will always be more efficient and make fewer translation and omission errors. This fact, along with recent mergers and acquisitions leaving organizations with much larger provider pools to onboard, means a tech solution that automates much of the process is an invaluable tool for many facilities. An onboarding and credentialing software can provide cost-savings for your organization across the board — from personnel hours to reimbursement and potential legal costs. Flow Healthcare’s cost-efficient onboarding and employee management software does just that by relieving your staff of the administrative burden, keeping your documents and data in one secure, always-accessible place, and letting you focus on what matters most.