20 Ways a CVO Can Cut Costs

Partnering with a CVO can cut costs in so many different areas.

Verifying that your doctors and nurses are properly trained and certified is routine. Handing this process to a credentials verification organization (CVO) like 5AVCO can reduce the time and money you and your staff put into each laborious step. Your overhead and operating budget will see tremendous reductions.

Here are the twenty ways working with a CVO can cut costs:

1. A CVO reduces replacement costs. As you grow, you must often add staff to meet all the credentialing requirements. A credentialing specialist’s average base salary is more than $40,000 a year. That’s money you can save by outsourcing to a CVO.
2. Less staff also means fewer payroll taxes, less insurance coverage you’re liable for, and other fringe benefits. A CVO can save you $21,000 in reduced taxes and benefit costs per employee.
3. A seasoned specialist will demand a higher salary, usually over $100,000 annually. Or, you can pay a CVO team a lower monthly fee and get 385+ years of experience to work for you.
4. An inexperienced specialist can expose you to medical malpractice, costing you a fortune. Reduce your liability risk with a highly trained CVO.
5. You no longer must worry about credentialing staff turnover when you outsource your credentialing services. Turnover costs more money than you’d think. You’ll save that amount when you work with a highly effective team specializing in credential verification.
6. If you don’t employ a credentialing specialist and rely on other office staff, a CVO can free up your employees to focus on the jobs they’re better suited for. A CVO takes on the process’s essential responsibilities, resulting in fewer mistakes and quicker approvals.
7. Traditionally, your staff must complete 52 conventional credentialing steps in the credentialing process. 5AVCO reduces that number to 6. Your team can focus on other tasks, or you can reevaluate your staffing needs.
8. With a CVO, you no longer rely on offline processes like makeshift programs, spreadsheets, and checklists. These inefficient methods usually result in errors that increase liability risks and the possible loss of patients.
9. Save money by ditching credentialing software. Depending on the size of your business, you could spend over $400 per month on software alone, according to TrustRadius. Factor in the time to train staff on using it; you could be looking at a much higher number.
10. You might have an IT specialist or department if you use credentialing software. Using a CVO reduces the burden on your IT department.
11. CVOs are unbiased organizations. Physicians and staff members applying to your facility will experience equal treatment throughout the process, reducing any litigation risk based on accusations of discrimination.
12. A CVO’s non‐biased approach improves patient safety, mitigating your malpractice risk.
13. You no longer must worry about keeping up with accrediting standards. CVOs stay up to date with regulatory changes, saving your staff time.
14. The average office worker uses 10,000 sheets of copy paper a year, costing their business roughly $76 per employee. Employing a CVO drastically reduces your office’s paperwork load, lowering your materials budget.
15. Less paperwork also means there are fewer forms you’ll have to secure. An average file cabinet costs businesses $1,500 a year if you keep paperwork on-site. Off-site storage costs just as much, depending on your document volume. You won’t have to deal with these costs when outsourcing your credentialing verification.
16. CVOs offer secure, online access to sensitive files that could be stolen if you’re storing them at your facility. Missing paperwork will result in losing time reentering data and refiling forms.
17. CVOs only perform credentialing services. This laser-sharp focus allows them to process verifications 5 to 7 days faster than in-house methods. This can result in additional billing revenue for each provider of over $47,000.
18. You only have to submit applications once to CVOs instead of each time verification is needed. There are no additional wait times or fees.
19. The most successful CVOs have access to resources that will expedite the verification process, reducing your workload even further.
20. 5ACVO.com’s credentialing cost is about 69% lower than conventional credentialing costs, resulting in instant savings.

Ensuring a provider is verified correctly isn’t the expensive, painful job it used to be. A credentials verification organization like 5ACVO, part of Fifth Avenue Healthcare Services, can reduce your costs and workload by streamlining the credentialing process from start to finish. You can sustain your practice’s financial health and good reputation by choosing the right service for your needs.

More information about 5ACVO

5ACVO is a NCQA Credentialing Accredited specializing in credentialing and primary source verification and is part of the Fifth Avenue Healthcare Services family. 5ACVO sister companies include Fifth Avenue Agency (MPLI and medical malpractice insurance specialists) and Primoris Credentialing Network (credentialing and provider enrollment specialists with 54+ health plan and network provider enrollment options).

5ACVO originally published this article here. For more information on 5ACVO, please visit 5ACVO.com or Contact Us.