Bankers Life Insurance Credentialing – Getting on the Panel

Let’s discuss the process of Banker’s life insurance credentialing.

Bankers Life insurance credentialing is a subsidiary of the very popular CNO financial group. CNO is a part of the fortune 1000 company list. As of 2019, Bankers life has around 1.4 million policyholders. It offers a variety of different insurance products like long term care, and life insurance, annuities, Medicare products including supplement lines, Medicare advantage plans, and Medicare part D prescription coverage and critical illness insurance.

Bankers Life Insurance credentialing has also partnered with Humana to provide vision and dental plans to their clients. They sell their plans with assistance from a network of over 5000 insurance agents based in over 320 offices throughout America.

As we mentioned, Banker’s life has over 1.4 million policyholders. Practitioners who want to tap into its client base need to get in-network with the credentialing process.

So let’s discuss the process of Bankers Life Insurance Provider Credentialing 

1. Getting Your Information in Order

As we mentioned before, Bankers Life insurance credentialing requires a lot of information and documents from the practitioner. They are:

• Licensure Information
• NPI Number
• Resume
• Proof of Malpractice Insurance
• Taxonomy Code
• Proof of Liability Insurance from Landlord (Applicable on if you are renting)
• Credentialing Paperwork

2. Fill Out Your CAQH

You will find many companies who use the Council of Affordable Quality Healthcare for the purpose of credentialing. Before filling out the CAQH form, you are required to hold an authentic resume with no gaps in employment. The application is supposed to be completed online via the CAQH hub.

The entire process can be extremely confusing to follow, but we at DENmaar assist you till the end.

3. Contact provider Relations

Once you have gone through the CAQH process, you are now afforded the liberty of choosing which insurance panel you want to be on. The insurance companies you choose may vary in the department of reimbursement rates, provider friendliness, payment speeds, etc.

Some companies may have their own sets of rules and requirements to apply. Now here you might face an issue of rejection, or not being accepted because the panel is full.

In such cases, you can do the following to build relationships with networks to gain access for future openings:

• Evening and Weekend Availability
• Experience with special populations
• Crisis services
• Handicap accessible facilities
• Being located in an underserved area
• Multilingual fluency
• Having an in-network referral source.

4. Submit Application

Once you have taken care of the documentation and decided on which insurance panel to join, it’s time to submit the application and wait. The entire process of getting paneled is relatively swift, culminating within 9-10 hours.

All you have to do now is a follow-up. You have to keep tabs on the status of your application. Chances are it might expire while still in the process if taken too long, and you don’t want to start again. The insurance companies have to be notified every time you submit a document to ensure it has reached them.

5. Review after Approval

Once you have received approval, it is still not an appropriate time to celebrate. Do the following to be on the safer side.

• Review your contract carefully before signing
• Keep a file with the agreement and any addendums ready for future reference.
• Learn more about the insurance provider’s portal on its official website.
• Collect a list of phone numbers for the claims department, pre-authorization department, and provider relations.

Being a Bankers Life in-network provider can be a very long and tedious process. The entire process requires at least 90 – 120 days to be completed and approved. There is a lot of paperwork, which makes the whole process quite frustrating for medical practitioners who want to accept clients with medical insurance.

Bankers Life’s network is extensive and harbors other insurance companies as well. You can get Meritain insurance credentialing, Coventry insurance credentialing services, etc. with the help of Bankers Life. That is where the professional assistance of DENmaar comes into play. With the help of our credentialing experts, we can walk you through the entire process without complications and hassle so that you can work on other core areas of your medical practice.