Letter of Interest - Tips on how to create and send an accurate LOI
Letter of Interest - Credentialing - Tips
A letter of interest is typically a letter sent to an insurance company communicating the interest in being panelled with them. Though this letter of interest is similar to a cover letter in many ways, there is one significant difference. A cover letter is sent before applying for a job in a firm, whereas a letter of interest is sent whenever a provider is looking to be enrolled with the insurance company, essentially any time while running a practice. All specific requirements in relation to credentialing should be kept in mind while sending a letter of interest.
It's important to know that with this letter you are making an appeal to be a part of in-network providers with an insurance company.
Here are some useful tips to write this letter:
An absorbing letter of interest works as a strong tool in convincing an insurance firm to offer you access to their network and to be part of it.
1. Identifying Information - A provider is required to furnish all information in conjunction with the enrollment application. Details like Name, NPI number, CAQH ID, Tax ID, the Specialty and Services offered with the practice are all key components to be mentioned on the letter of interest.
2. Highlight your Niche - If you offer any service which your competitor does not, its always a good idea for you to feature that in your letter of interest.
3. Distinct Elements - Always ensure that you mention all unique aspects related to your practice. Some highlights particularly about the business, like whether it is family-owned or a corporation, it is a minority or a women-owned small practice. These details only enhance your appeal and can be instrumental in the process of being credentialed.
4. Patient Profiling - There is always a pattern of patients your practice caters to on a consistent basis. So its imperative that you include details like age group, income group, gender, et cetera on the letter of interest.
5. Location Description - - You should specify your practice' geographical location in your letter of interest, mentioning whether your work area, rural or urban.
6. Service Rates - Its best to mention your competitive edge, if applicable, on your letter of interest. Details like your competitor's rate in comparison to yours can make the letter more appealing to the insurance company.
7. Offering a Test - You would know that panels are always at the risk of being full and as a result they stop accepting any new practioners to their loaded network. In such a situation, you can offer them a test or trial of your services.
Besides all of the details mentioned above, here are some other details you need to mention in a letter of interest:
- W9 form
- Applicable Licensure
- Your brochure
- Top billing codes and desired rates
- Some sample claim forms
- Invoice on Products
Additionally, always remember to do some due diligence to find out the name and address of key decision makers before writing the letter of interest. Addressing the letter to them would help you form a personalized approach to your request. Gather all information and attach it along with the letter.
