The Business Case for a Certified Credentials Verification Organization Service
Newly hired providers can’t start work or bill payers until the application process and hospital/payer credentialing processes are complete. In addition, providers need to be recredentialed at least every two years — and if they don’t send updated information to all payers they’re enrolled with, then the provider can be dropped, hindering reimbursement. To survive and thrive, health systems require credentials verification organization (CVO) services that streamline healthcare operations, flex with their changing needs, and grow revenue while improving care quality and patient outcomes.
Hobson & Company (H&C), a leading research firm focused on return on investment (ROI) studies, worked with symplr, a leader in healthcare-specific credential verficiation organization services, to explore market challenges and learn how industry leaders are responding.
H&C conducted independent in-depth interviews with symplr Credentials Verification Organization (CVO) service customers. The research revealed that symplr addressed specific customer challenges to deliver a quick and compelling ROI.
The effects of symplr’s CVO Services are strategic and measurable.
Based on H&C and symplr’s analysis, a health system with approximately 800 providers — about half of which require credentialing, recredentialing, or enrollment services at a given time — would recoup the cost of using symplr’s services in less than two months and generate an ROI of 866% in one year.
Credential Verification Organization Challenges in Healthcare
Customers interviewed for the study noted that there are consistent and increasing challenges in effectively manapinp the credentialing and enrollment processes. Below are some of the most universal concerns.
Streamline Healthcare Operations
Growth and Protect Revenue
Research Results
The ROI of validated, healthcare-specific credential verification office services are immediate and demonstrable. A sample health system with 800 practitioners with the following profile can realize significant financial benefits from an investment in symplr:
- 80 practitioners for initial credentialing services
- 240 practitioners for re-credentialing services
- 120 practitioners for payer enrollment services
For a health system with this profile, an annual investment of $175,000 generates a positive return in less than 2 months and a one-year ROI of more than 860%, with annual benefits exceeding $1.6 million.
About symplr
symplr is the leader in enterprise healthcare operations software and services. For more than 30 years and with deployments in 9 of 10 U.S. hospitals, symplr has been committed to improving healthcare operations through its cloud-based solutions, driving better operations for better outcomes. Our provider data management, workforce management, and healthcare governance, risk management, and compliance (GRC) solutions improve the efficiency and efficacy of healthcare operations, enabling caregivers to quickly handle administrative tasks so they have more time to do what they do best — provide high-quality patient care. Learn how at www.symplr.com.
About Hobson & Company
Hobson & Company helps technology vendors and purchasers uncover, quantify and validate the key sources of value driving the adoption of new and emerging technologies. Our focus on robust validation has helped many technology purchasers more objectively evaluate the underlying business case of a new technology, while better understanding which vendors best deliver against the key value drivers. For additional information, please visit www.hobsonco.com.
Disclaimer:
The return on investment (ROI) and other financial calculations expressed in this research paper are based on data provided by symplr customers and various assumptions, and provide estimates only. The actual ROI customers realize may vary from the estimates provided. sympl r offers this tool to assist customers with evaluating their solutions; however, symplr and Hobson & Company (the firm that created the tool) are not responsible for the accuracy of any estimates.
No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or any retrieval system, without the written permission of the copyright holder. @ Hobson & Company, 2022. All rights reserved. All other marks are the property of their respective owners.
