Most offices have never renegotiated their contracts and very few renegotiate them on an annual basis. This simple fact means that practices are missing out on additional revenue that can be substantial and greatly impact the practice’s revenue.
Define Your Leverage
To identify your negotiation leverage (or lack thereof) and opportunities for shared benefit, start with a SWOT analysis (strengths, weaknesses, opportunities, threats).
To most providers, the most important part of any contract is the fee schedule. If the fee schedule is unacceptable, the clauses and language contained in the rest of the contract is irrelevant.
Successful Payer Contract Re-Negotiations
Negotiating or renegotiating a payer contract for your medical practice can be one of the most important steps you can make toward improving the practice’s financial health. Successful renegotiation of your insurance contracts has a usual yield of 10 percent.
Ensuring maximum reimbursement in a timely manner is always at the top of a healthcare provider’s mind. But we find too often that many providers are leaving money on the table with inefficient and infrequent payer contract management.
Increase Your Payer Reimbursements with Precisely-Timed, Data-Driven Payer Re-Negotiations