USE DATA
With the right data , you can make a strong case for the reimbursement rates you ’ re seeking . If you understand how each insurance company that you work with compares , you can use that as leverage . You can also take a look at how rates have changed from contract to contract , giving you an idea of how they might change when your contract is up for renewal .
You ’ ll also want to know just how much money you ’ re making from different services on an annual basis . Is there one offering that makes up a huge percentage of your revenue ? If so , aim to get the best possible reimbursement rates on that service and compromise on lower-volume services instead .
DON ’ T JUST FOCUS ON THE MONEY
The dollar is the heart of payer rate negotiations , but there are plenty of metrics that can help in these negotiations that don ’ t revolve around money directly . For instance , be ready to share your clinical outcomes , retention numbers , and patient satisfaction scores . Health insurance companies will be much more willing to offer favorable reimbursement rates to facilities that offer a top-notch standard of care to patients .
SHOWCASE YOUR COST SAVINGS MECHANISMS
For providers , balancing quality and efficiency in a clinical setting is a constant battle . As a physician , if you can highlight all that your office does to promote efficiency without sacrificing the customer experience , that will be viewed favorably by insurers . Do you :
• Utilize cutting-edge scheduling software that helps keep things organized and ensures the check-in process is smooth and on time ?
• Have a patient portal where patients can see their test results and reach out to their providers at any time ?
INCORPORATE CONTINUOUS IMPROVEMENT INTO YOUR PRACTICE ?
Being able to show evidence of these efficient work processes will help health insurance companies see that you ’ re prioritizing efficiency without negatively impacting your customers , and that ’ s a huge bonus from their perspective .
CONDUCT AN INDUSTRY STANDARD DEEP DIVE
One of the biggest mistakes providers make is not having a clear understanding of industry standards and benchmarks within their specialty . Find out what reimbursement rates are in your area for similar services . If you ’ re not securing similar rates , it ’ s time to step up your contract negotiations . Remember : insurers want to pay you the least amount possible . Don ’ t let them get away with that simply because you didn ’ t conduct a bit of market research .
LET US DO THE HEAVY LIFTING
Payer rate negotiations can be extremely complex , requiring a lot of time and energy from the staff within your practice . Since these often start 12 months before contract renewals , many providers decide to work with a medical billing specialist company like Quick Claimers Medical Billing .
We can handle all the negotiations , gather the data needed to be successful , and even bring a unique perspective of what ’ s going on in the industry more broadly . Our team of billing experts will talk to you about the goals you have for your practice and design a custom negotiation strategy that is meant to help you reach those goals .
If the thought of doing payer rate negotiations on your own feels overwhelming , you ’ re not alone . Let us do the heavy lifting , allowing you to focus on patient care and the other aspects of your practice that you truly love .
NEGOTIATIONS
Let Us Handle The Heavy Lifting While You Focus On Patient Care .
Maximize Reimbursement Rates
Leverage Industry Expertise
Streamline Your Practice
Contact Us Today !
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