Questions to ask before signing a insurance agreements:
- What does this contract mean to me in terms of revenue?
- What does this contract mean to me in terms of expenses?
- Would I have the potential to lose patients if I do not contract with this company?
- If yes, who are those patients?
- Is the plan easy to administer?
- Does the company pay in a timely manner?
- What provisions are made for timely filing?
- What is the interest rate paid if it after the designated time period?
- What is the rate of denials?
- Are modifiers or records required for certain cpt codes?
- What is the reimbursement compared to other plans?
- How does this compare as a percentage of revenue?
- Are my competitors participating?
- Are there refund issues with this carrier?
- Can I opt-out of particular product lines if they are not beneficial to my practice?
- Does this contract extend to silent PPOs (other networks that are not specifically named)?
- Are contract terms and conditions acceptable?
- How long is the term and what is the out provision?
- Is the carrier financially stable?
- How many members are in my county?
- How many providers in my area participate?
- Do your referring physicians contract with this network or carrier?
- Can I renegotiate rates next year?
- How responsive is provider services?
- What do my colleagues have to say about their experience with carrier?