On average, approximately 6 payer applications per year need to be processed for every provider. If your healthcare organization or practice has 50 providers and you spend 6 hours manually collecting data, filling out forms and following up with payers on each enrollment application, you’re spending almost 1,800 hours a year just handling paperwork. On top of being time consuming to complete, manually submitting applications to payers can increase processing time to 90+ days. If a busy provider bills $5,000 a day and this provider is not fully enrolled for 90 days, your practice is at risk of losing $450,000 in billable revenue!
Only a little over half of the provider enrollment professionals we surveyed use some type of software solution to help automate their processes. The rest continue to manage provider enrollment by keeping data in paper files, Excel spreadsheets, and Access or homegrown databases. Today, due to declining reimbursement rates and the introduction of new value-based care models, every single dollar counts in the healthcare revenue cycle. Medical groups and healthcare organizations like yours must focus on eliminating inefficiencies and increasing automation to expedite reimbursement – they must automate.
VerityStream’s Enroll solution offers the largest (5,000+), continuously updated library of pre-formatted payer applications to enable easy automated form completion. Enroll dramatically accelerates the provider enrollment process, enabling medical groups and healthcare organizations to shrink enrollment timelines (by 65 percent or more), slash costs (by 50 percent or more), and reduce aging receivables (by as much as 97 percent).