Negotiate Your Payor Contracts
One way to secure more revenue for your practice during this economic downturn is to focus on the reimbursements that you can control. Like any business, focus needs to be on increasing revenue and decreasing expenses. An easy way to do this is by negotiating your insurance fee schedules. You can typically see a 10%-12% increase in your net insurance fee schedule which yields a substantial increase in revenue. You should be seeking increases from every insurance company annually. Some make you sign two year contracts but this needs to be an area that you pay close attention to. With this economy you have to go after every dollar and this is money that you are leaving on the table.
A great company that does this is www.PhysicianWorldOnline.com, they are experts in Contract Negotiating and Medical Billing Services. You can also speak with them about practice management consulting and the deal they have on Medinotes EMR. They actually cover the cost of licensing for the EMR when their billing service is utilized.
Through aggressive renegotiations like those performed by Physicians World Online, you can expect a net return of 10%-12% on your private payor agreements. This is revenue is lost unless you fight for it, the insurance companies will not contact you to tell you that they are under paying you. It is important for you to find and fight for any and all available revenue out there.
Contact a billing specialist today at billing@physicianworldonline.com
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