Managed Care Contract Negotiation Services
Physicians right now need to do everything in their power to collect and keep as much of their money as possible. Most offices have never renegotiated their contracts and very few actually renegotiate them on an annual basis.
Successfully renegotiating your managed care contracts has a typical yield of 10-12 percent. This is money that is available but is lost because most offices do not have the time required to renegotiate their payer contracts. If you do not remember the last time your contracts were renegotiated then this a service that you cannot afford to pass up.
We ALWAYS are able to obtain increases for our clients and let you know if this service is right for you. With the current economy, insurance companies are tightening up so it is important that you use experts who are well versed in contracting strategies. Insurance companies will never ask you if you would like to paid more so it is up to you to seek this out. If you have tried in the past but have been unsuccessful it is because of the absence of key relationships within these organizations. We have the relationships and tools necessary to provide you with quantifiable results that directly impact your bottom line.
You have to approach the insurance companies from the standpoint of how your organization adds value to theirs. This may sound strange but this really is all they care about. There are many ways to prove this to an insurance company but you must have the proper tools to do it. A practice management software that gives you detailed CPT and Insurance reports is the first step, it is then important to have an administrator or billing manager that understands how to run these reports and use them to their advantage when negotiating with the big managed care companies.
If you elect to renegotiate them yourselves, remember that most insurance companies will only provide you with the increase that is due for the current year (2-5%). If you want more, you need to have the tools that will illuminate the value add that your organization provides to their members. Remember that you are providing a valuable service to their organization and it is important that you remind them of this often forgotten fact. It is so competitive that many insurance companies are scrambling to provide the best value and service to their members but are finding value in cutting reimbursement rates. The problem is that they are expecting more profit which means keeping physician reimbursements as low as possible. You have to be the group that they do not want to lose, how you show them this will require some skill but it is possible. If you have questions and would like to learn more about this service, we would love to speak with you.
Here is a basic overview of our managed care contracting strategy.
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