Transcript
Philip Stefani (00:00) sup, Alex.
Alex Lawrence (00:01) What up dude?
Philip Stefani (00:05) Are you the host or am I?
Alex Lawrence (00:07) You are the host?
Philip Stefani (00:14) I think should be. You don’t see her in the waiting room. I do not yet.
Philip Stefani (00:53) Cookie play wins again?
Alex Lawrence (00:57) Hopefully… manifest.
Alex Lawrence (01:12) She had… she obviously accepted and she had messaged me telling me that she booked this time, so.
Philip Stefani (01:23) Yeah, yeah. She’s C level. We’ll give her another couple minutes.
Philip Stefani (01:39) Yeah, she’s busy. Yeah, we should see what’s the conference you’re going to in Chicago, Becker’s?
Alex Lawrence (01:48) Becker’s we.
Philip Stefani (01:49) should see if she’s gone.
Alex Lawrence (01:52) Becker’s is I can’t I don’t think they let… me see if I can find the pre attend.
Alex Lawrence (02:09) We’re not, we’re not doing a dinner or anything.
Alex Lawrence (02:20) It’s it’s… sad that I saw the news about turco?
Philip Stefani (02:28) End of an era.
Alex Lawrence (02:30) End of an era… and fletcher’s gone too, right?
Philip Stefani (07:46) Hey, good afternoon, Nancy.
Nancy Paridy (07:53) How are you?
Philip Stefani (07:55) Good. How are you? Great to meet you. Sorry?
Nancy Paridy (07:57) I’m running a few minutes late. I just got off another meeting, yeah.
Philip Stefani (08:01) No problem. I know it’s a busy time. Are you working downtown today?
Nancy Paridy (08:05) I work downtown every day.
Philip Stefani (08:07) Nice. I’m in Chicago myself.
Philip Stefani (08:09) I live up in ravenswood local… to the city, but yeah, it’s great to connect with you. I know we’ve got about 20 minutes left. Do you have a hard stop at the top of the hour? I?
Nancy Paridy (08:18) Do I have another meeting at three o’clock.
Philip Stefani (08:21) okay, perfect. We’ll make sure we’ve covered everything by then. So, yeah, in terms of this call, you know, just wanted to have it be an intro call just, you know, we reached out to you. We have a couple ideas on, you know, why we think it might be interesting to have a conversation around credentialing really for this call. Just want to get your thoughts on, you know, if this is interesting to you or if this aligns with any of the projects that you’re focused on. So that is what we were hoping to cover. Is there anything in particular, though that you were interested in?
Nancy Paridy (08:48) No, and as I said, before, you know, we’re different than northwestern, we may sit on the same campus and we may be, and we are a separate, but we don’t have the credentialing as extensive as you may think we might.
Philip Stefani (09:04) Okay. That’s helpful. I guess that would be a good place to start. So, in terms of credentialing, I mean, we work with a number of different healthcare organizations where, you know, it means five different things to five different people. Sometimes we’re talking about, you know, licensing privileging, you know, all of those things that something like a northwestern might do other times we speak with organizations. And it’s really just as simple as, you know, getting new providers in network with a handful of health plans when they onboard. So kind of anything in that spectrum, I guess for your organization, like what does credentialing mean exactly?
Nancy Paridy (09:36) Well, it means both of those things, but we have a fairly robust managed care area that gets our credentialing on with these providers. So that doesn’t tend to be an issue from our perspective, you know. So it’d be more the traditional credentialing and, you know, we have our physicians, all PM, R physicians are employed by us. So that also makes it a lot easier than if you have a lot of people who aren’t employed by you. I mean, we have the consultants from other organizations, but for the most part, they tend to be fairly routine. We don’t see a lot of influx of new people that’s why I wanted to be candid with you guys because, you know, we’re a little bit different than some other hospitals where they have a lot of private practices we have none.
Philip Stefani (10:25) Yeah. Okay. That’s super helpful. So, I think I heard you say you’re doing then both the kind of initial verification type of credentialing. And are you also enrolling with health plans, right? Got it. Okay. So, yeah, I mean, I think why Alex and I were interested to reach out is just like, you know, we were looking at your website. It looks like there’s a couple open roles for new physical therapists. Usually when that’s the case, like that means there’s an increase in volume that the credentialing team will be expecting essentially.
Nancy Paridy (10:52) We don’t credential our therapists separately?
Philip Stefani (10:56) Okay. So they’re not enrolled on any of the health plans, no?
Nancy Paridy (10:58) No.
Philip Stefani (10:59) Got it. Okay. I mean, are you?
Nancy Paridy (11:01) Doing it. We’ve looked at that and we’ve decided not to pursue that at this moment.
Philip Stefani (11:05) Okay. So the only billing providers then are your physicians?
Nancy Paridy (11:08) Correct. And.
Philip Stefani (11:09) It sounds like the volume then is maybe manageable for that team. Yeah. Exactly. Okay. Have you looked at any automation technology for like,
Nancy Paridy (11:18) we have, and it just, you know, we just don’t have a volume that warrants it.
Philip Stefani (11:22) Yeah. How many physicians do you typically add in like a year in a?
Nancy Paridy (11:29) Big year, maybe 20? Yeah.
Philip Stefani (11:32) Okay. So, yeah, probably enough for your team to handle. Yes. Yeah, cool. Well, I mean, it sounds like things are going pretty well. If you’re interested, I’m happy to talk more about, you know, how medallion helps, but if not, you know, it sounds like things are under control. Happy to give you some time back as well. I guess what would be most useful for you?
Nancy Paridy (11:52) Why don’t you give me the five minute spiel on medallion and why you can be helpful? And then I’ll give you guys time back and you can give me time back.
Philip Stefani (12:00) Okay. Perfect. Yeah, that sounds like a good idea. So in terms of what medallion does we take essentially all of these different workflows that are some things that your organization might be doing when you onboard a new physician, you know, if they need a new license or a license renewal, if they need to get enrolled with a particular health plan, or you just need their information verified. So, you know, you can see that they are who they say they are. We automate all of those pieces. So traditionally, these are done by hand, you know, license application applications, payer applications, verifications, you might have someone on your team going to a particular database like oig or Sam, or maybe they’re filling out an application for Aetna to attach a physician to that contract. We automate all of those different pieces. And so the impact that this might have for an organization are threefold and some organizations we work with, you know, they’re seeing all of these different impacts, others, they have particular issues where, you know, as they add provider accounts, they also have to add to their credentialing team. So they want to stop doing that or there’s errors in the credentialing process and they want to eliminate those. We help with all of those different pieces. So we automate credentialing to the tune of, you know, reducing the days it takes to get in network. Usually, what that means for organizations is if you can get in network faster, you can bill sooner. So we’re accelerating revenue in that way additionally, in terms of just opex associated with credentialing, if you have a team doing this as you add providers, or maybe if you have a busy season where you’ve added a number of physicians, you might need to add individuals to that credentialing team. With automation, we allow, you know, one or two individuals on the credentialing team to handle all of the actions that they might need to do for a number of providers. So it didn’t sound like you were adding too many physicians. I imagine the team today is pretty well equipped for that type of volume. I guess on the timeline piece, do you have thoughts on, you know, how long that’s taking? And have you looked at ways to kind of cut that down? Is that a pain point?
Nancy Paridy (13:57) It’s the only place it takes a long period of time is nmh?
Philip Stefani (14:03) Yeah. Well, when you say a long time, what is a long time?
Nancy Paridy (14:06) For nmh, well, because we do a lot of consulting over there and it takes a while for our consultants to get, but it’s not us, it’s not, we’re not in control of it. For our people. We are in control of it. And quite honestly the payers, it doesn’t seem to be a problem. We get them on fairly rapidly.
Philip Stefani (14:25) Yeah. And when you say rapidly, like, is that, are you in like 90 days or less than that? Like what are you seeing?
Nancy Paridy (14:31) Less than 90 days? Okay. That’s.
Philip Stefani (14:34) helpful. Yeah. So most organizations we talk to, they’re you know, within the range of 90 to 120 days to get in network, we can cut it down under that. But if you’re already performing under the 90 day benchmark, then it sounds like things are going well. So, yeah, I mean, overall, like there’s just a number of different processes to get providers on board that we automate, you know, essentially making it. So you could have one person on your credentialing team handling all of these different workflows.
Philip Stefani (14:59) It sounds like things are working today, but maybe, you know, down the road, it would make sense to connect in the future. If it ever comes up. We’re happy to be a resource.
Nancy Paridy (15:09) Perfect. Well, I have you guys, you’re in my contacts and if we do have a need, I’ll make sure to reach out to you guys.
Philip Stefani (15:17) Awesome. Sounds good. Are you going to be attending Becker’s at all? I think.
Nancy Paridy (15:20) Not, I am not, I’m going to be out of the country, unfortunately. Nice.
Philip Stefani (15:23) Where are you going? Oh?
Nancy Paridy (15:25) Just to england. So.
Philip Stefani (15:28) Fantastic. Excellent. Well, Nancy, it was great to meet, you really appreciate the time. And if there’s any questions you have in the future, we’re happy to be a resource.
Nancy Paridy (15:36) Awesome. Thank you guys. So much. Take care.
Philip Stefani (15:38) Bye bye.
Nancy Paridy (15:39) Bye.