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CAQH stands for Council of Affordable Quality Healthcare. This non-profit coalition was formed by insurance companies to create a single, uniform application for credentialing providers. More than 100 managed care companies use CAQH to process applications. Most major insurance companies verify your self-reported data through a CAQH. Thats good news because if youare applying to more than one panel, you all only need to fill out your CAQH application once. While setting up your CAQH, you can grant authorizations to any insurance company that your i'd like to view your information.
The CAQH application is pretty lengthy and laborious. You all fill out between 20 to 50 pages (50 pages for Medicare). While you are able to print off and complete your application via paper, it's best to do it online. Submitting online is faster, and more reliable (there is no paperwork to lose). Don't forget to keep a copy of all of your documents. Also make note of who you spoke to and when you submitted your paperwork. Following Up is Important Don't let your application fall into purgatory. Follow up on your application with the insurance company's provider relations department. Insurance companies rarely, if ever, follow up on applications remember it's you who wants to get listed, not necessarily the other way around. It's your responsibility to make sure that they've received your application and are processing it. If it's not processed in time, your application may expire or time out, and you all have to go through the entire grueling process all over again. Follow up after you've submitted the application and then call every few of weeks until you've been accepted (or rejected). Keep in mind that some companies require that you wait for 45 days before contacting them. The entire process can take between two to four months. If you have to appeal, it can take up to six months or longer. So, if you are hoping to get credentialed before opening up your private practice, plan ahead.
Should You Hire a Credentialing Company? There are benefits to hiring someone else to do the paperwork and follow up, but of course, it's not a free service. You all have to decide for yourself whether it's worth a few hundred dollars per credentialing to avoid filling out the lengthy applications required. Another option is to ask for a therapist to mentor you through the process. Ask someone who is on a panel that you are applying for. Maybe they can provide you with helpful pointers. Improving Your Practice's Finances Are you ready to take control of your financial future? Do you feel like your private practice is not running as efficiently as it should be? Are you looking for ways to diversify your income? Confused about the different financial tasks that go into building a successful private practice? If you answered yes to any of these questions then you are in luck because you've come to the right place. The Financial Improvement section on TheraNest's blog is your go to place for financial advice, resources, and overall betterment. We've curated content that is going to help create a thriving private practice so that you can reach your financial goals. For therapists financial improvement comes in many different forms. A large part of it is running a successful and growing private practice. However, financial improvement for therapists also involves what they do outside of their private practice. This includes figuring out ways to diversify your income or finding someone to mentor you through your career. Here at TheraNest we know how important all different forms of financial improvement are and that's why we make sure to cover all of these different aspects in our blog. From outlining ways you can check your private practice's financial health to providing tips and tricks to save yourself from self-employment taxes, we're bringing you the information you need to succeed. The blog posts in our Financial Improvement section strive to ensure that you are making informed decisions regarding the financial health of your private practice. We want you to be confident in the decisions that you make. This confidence comes from having a solid understanding of what all your choices are and how each choice will impact you financially, both as a business and as an individual. So get ready to take ahold of your financial future and check out our blog posts below.
Summing it Up
Now you know under which circumstances your claim could get rejected. Make sure you leave no room from your end so that you claim gets processed seamlessly. This way, you will be able to enjoy the insurance benefits offered by your car insurance plan.
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