Stung by the Recent Reimbursement Cuts ?
It is a tough economic climate. Physicians feel they’ve been backed into a corner by tough regulations and, yes, dreaded reimbursement cuts. The business side of medicine has always been scorned upon. But, now focusing on it matters more than ever.
Negotiate tough…
Doctors have traditionally shied away from negotiation rates with payers. Drowning under paperwork and making long phone calls, are enough to scare the most persistent of physicians. But to get paid and to survive, it is important that practices negotiate tough. The effort you put in today is going to determine the tomorrow of your practice.
Getting the Facts on Paper !
Most medical practitioners make the mistake of sending out proposal letters that do not include key facts. Including a brief introduction to your practice, patient population and expectation is important.Sit with your team and come up with an exhaustive spreadsheet that illustrates your growth curve. Nobody loves facts and figures more than insurers.
What Color does your Insurer like ?
Luckily that is just one of the few things you don’t have to know. But for successful payer negotiation, knowing your insurer is important. What are the cpt codes that are more likely to be reconsidered? What are the documents your insurer might require? Every, information, is key to shorten the turnaround and back and forth phone calls.
It isn’t Mission Accomplished !
You’ve struck the deal. Time, to, celebrate and hope for better collections. But it is also important you have the details of your negotiation summarized. It will help you to inform your billing team about the changes. To, inform your patients about the revised rates. And yes it comes in handy when working on your next set of contracts.
As with all else it is a constant work in progress !
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