20 Ways a CVO Can Cut Costs

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 could see tremendous reductions.

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

1. Reduce 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. Reduce taxes and benefit costs: Less staff means fewer 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. Reduce payroll costs: A seasoned specialist will demand a higher salary, usually upwards of $100,000 yearly. Or, you can pay a CVO team a lower monthly fee and get 385+ years of experience to work for you.
4. Reduce medical malpractice risk: An inexperienced specialist can open you up to medical malpractice, costing you a fortune. You can reduce your liability risk with a highly trained CVO.
5. Reduce costs associated with employee turnover: 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. Cut costs on wasted employee talents and time: If you don’t employ a credentialing specialist and currently 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 of the process, and the result is fewer mistakes and quicker approvals.
7. Reduce the costs of a lengthy credentialing process: Traditionally, your staff must complete 52 conventional credentialing steps in the credentialing process. 5AVCO reduces the traditional credentialing process down to 6 simple steps. Your team can focus on other tasks, or you can reevaluate your staffing needs.
8. Reduce costs from inefficiencies: 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. Cut out paying for expensive credentialing software: 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, and you could be looking at a much higher number.
10. Reduce IT costs: You might have an IT specialist or department if you use credentialing software. Using a CVO reduces the burden on your IT department.
11. Cut out associated bias costs: 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. Reduce medical malpractice costs: A CVO’s non‐biased approach improves patient safety, mitigating your malpractice risk.
13. Reduce credentialing training costs: You no longer must worry about keeping up with accrediting standards. CVOs stay up to date with regulatory changes, saving your staff time.
14. Reduce overhead office costs: 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. Reduce on-site security costs: Less paperwork means fewer forms you’ll have to secure. An average file cabinet costs businesses $1,500 yearly 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. Reduce costs associated with a duplicative workload due to missing paperwork: 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. Reduce costs earned from an unfocused credentialing effort: 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. Reduce costs through aggregated application submission: In certain situations, you only have to submit specific applications once to CVOs instead of each time verification is needed. There are no additional wait times or fees.
19. Reduce vendor costs through credentialing streamlining: The most successful CVOs have access to resources that will expedite the verification process, reducing your workload even further. For example, 5ACVO collaborates with Primoris, offering payer enrollment using a single application for 20+ payers.
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 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).

For more information on 5ACVO, please visit 5ACVO.com or Contact Us.