Easy way to for Physicians Increase Revenue 8%-12%
Dermatologists are often the hardest hit specialists and is largely in part due to the dependency in recent years on the cosmetic side of their business. Most dermatologists do not remember the last time their contracts were renegotiated and this is the easiest way to increase or lose revenue. Insurance companies will not ask you to renegotiate unless it benefits them and rarely will they give you much when you do ask for it. What is the solution?
In Dermatology Billing you have to approach the insurance companies from the standpoint of how you can save their company money. We know this sounds strange but it is important that you speak with them and approach it from this angle because it is really 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.
We often recommend using an outside firm to negotiate your contracts because it often requires time that a typical office administrator does not have. If it has been a couple years since you negotiated then you are too far behind to get all that is owed to you but you can at least get some. Many insurance companies will only provide you with the increase that is due for the current year,(2-5%) and if you want more you need connections and an aggressive attitude. We recommend setting up meetings with your local carrier so they can see your operation and how well you take care of your patients(their members). You can also have your patients sign a letter that states how much they enjoy seeing you and then provide this to the insurance company. They need to see that you are providing a value to their members and that if you dropped the plan people would be upset. It is so competitive out there that insurance companeis are scrabbling to provide the best value and service to their members while not increasing their costs exorbantly. You have to be the dermatologist that they do not want to lose, how you show them this will require some skill but it is possible. There are many companies out there that provide contract negotiation services and of course our partner Physicians World Online is one of them. You can contact their billing and contract managment specialists at billing@pwomail.com. You can also contact your colleagues and find out what they do if anything. At Physicians World Online they usually can guarantee around a 8-12% NET INCREASE.
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