Credentialing is a term that usually encompasses two separate processes: credentialing and privileging.
Credentialing: Primary source verification of a health care practitioner’s education, training, work experience, license, etc.
Privileging: Granting approval for an individual to perform a specific procedure or specific set of procedures based on documented competence in the specialty in which privileges are requested.
Being credentialed with insurance panels means you are able to see patients who have specific insurance plans and bill those insurance companies for the services you render. This can greatly increase the number of patients who can access your services.