Increasing Reimbursements: What Nurse Practitioners Need to Know about Their Credentials
A recent headline from The Bureau of Labor Statistics reports that the demand for nurse practitioners is expected to grow by 36 percent by 2026. With many out of work due to the COVID-19 pandemic, the good news is that national data supports this number, estimating 14,400 job openings for nurses available each year.
It’s safe to say that COVID-19 has uprooted our historically slow-to-change health system, most notably by the rapid implementation of telemedicine. With this growth, not only have physicians been working around the clock, but also nurse practitioners. Unfortunately, similar to many other industries, healthcare offices have also seen schedule shifts, layoffs and budget cuts.
These changes are actually providing nurse practitioners with more options than ever before. Perhaps you’ve heard of nurse practitioners planning to start their own practice amid layoffs and shelter-in-place orders? Let’s say you’re a nurse practitioner who has seen their hours drastically cut or had their position eliminated. Perhaps it’s time to practice independently? With the widespread implementation of telemedicine, it’s never been easier to manage your own patient visits.
Every practice has their own credentialing needs, but in some cases, nurse practitioners may get paid at a higher rate (depending on their state) if they credential on their own. Even if still connected to a practice, it may be beneficial to explore credentialing options. Having your own contract with payers as your own entity may allow for additional telemedicine opportunities.
But we all know how complicated the credentialing process can be. With some payers providing provisional enrollments into their networks, nurses have to be sure no errors are made in the application process. This new world of being a solo practitioner may bring on new challenges, and it helps to have a support system in place to prevent denials. Working with credentialing experts can streamline the credentialing process and prevent any headaches.
Are you a nurse practitioner considering the option to practice independently? How could your reimbursements change?
Explore our credentialing ROI calculator to see how much you could be earning.