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.
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CAQH Insurance Credentialing-It’s Benefits in Credentialing
Let’s understand what CAQH insurance credentialing is and how to complete the CAQH profile
efficiently.
CAQH, aka Council for affordable quality healthcare, is essentially an online database that contains vital provider information. It is through the CAQH portal that providers grant insurance companies access to their documents, thus making the entire acquisition process quite efficient.
As of 2019, Almost 90 % of all National Health Insurance Companies use CAQH as their primary database for provider information. This includes over 900 health plans, hospitals, and healthcare organizations.
Benefits if Insurance Credentialing with CAQH
The CAQH was founded with a simple objective in mind, to simplify the data gathering process and allow physicians and other healthcare providers with a single source to submit their information. Without CAQH, a typical physician would have to apply separately to multiple insurance companies, each with their own time-consuming process.
However, with CAQH insurance credentialing, this process is simplified, and the time taken for the processing of applications is significantly reduced.
Another benefit of CAQH insurance credentialing is the security the portal offers its users. The CAQH database resides in a secure network operations network. All information here flows to and fro through redundant firewalls. Strict measures like secure internet access, use of passwords, electronic signatures, SSL certificates ensure that the data is only accessed by authentic users.
No cost is incurred by the providers to use the database, whereas health plans and other healthcare providers pay a certain fee per provider to access information.
Completing The Insurance Credentialing CAQH profile.
Completing the CAQH profile is a crucial step in achieving the credentialing process.
There are three steps to get acquainted with the CAQH system. They are as follows.
1) Getting a CAQH Number
There is a higher chance that the insurance company a provider wants to get into a panel that uses CAQH as its provider information database. Check the list of participating organizations on the Council for affordable quality healthcare website to make sure. If your insurance company does use CAQH, then you will receive a CAQH ID number via mail.
Alternatively, you can also self-register with the CAQH portal to get the CAQH number before applying for credentialing.
The number is significant and should not be lost as it will come in handy while re-attesting the information later down the line.
2) Keeping Information Ready
It is recommended to have all the information ready to complete the CAQH profile. The following are the information required:
- Basic Personal Information
- Education and Training Information
- Specialties and Board Certification
- Malpractice Insurance Information
- Work History and References
- Disclosure and Malpractice History
Here are some materials you’ll need:
- CV or Resume
- Malpractice or Insurance Policies
- Drug Enforcement Administration Certificate
- State Licenses
- W9’S
- Various applicable ID numbers
The information on your CV/ Bio Data needs to be perfect and devoid of any errors. It is mandatory to use dates in the CV complying with the following format – MM/YYYY. There should be no gaps in employment. If your date isn’t formatted correctly, or the gaps in your employment are not filled, then your application will be rejected.
3) Completing the Profile
Once we have all the information required to complete the CAQH profile, it’s time to complete it. It is recommended to undertake this process online. The paper-laden method is simply too chaotic to be conducted with efficiency.
It is not mandatory to finish the CAQH profile in one sitting. The application can be saved to be completed on a later date. Once the information is provided, the website will ask you to review the application and attest to its validity.
Once completed, you will have to choose who gets to access it. CAQH portal gives you two options.
- Allow any insurance company that indicates they would like to allow you on their panel to have access to it.
- Manually choose which panels you would like to have access to your information on CAQH portal.
Although the process is complete, you mustn’t lose your approved information. You will be required to re-attest to the information quarterly.
CAQH Insurance Credentialing With Denmaar
To complete the CAQH profile efficiently, you need a third-party provider you can trust. Denmaar with years of experience to its credit can help you complete the CAQH profile to make your credentialing experience as convenient and hassle-free as possible.
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