As a healthcare provider, it's important to ensure that you're being fairly compensated for the services you provide. One way to do this is by renegotiating your contracts with insurance companies to ensure that you're receiving the reimbursement you deserve. Here are some key points to keep in mind when setting the stage for renegotiating your contracts.
Review the contract, know your current rates, and compare your reimbursement to your frequently billed codes. It's important to have a clear understanding of the terms of your current contract and what you're being reimbursed for.
Know your metrics! When was your contract was executed or last negotiated? What is your current fee schedule? What is your cost to deliver care? What are your outcome scores? What special certifications or equipment do you have? Knowing these details will help you to build a strong case for why you deserve higher reimbursement rates. For example, if you a specialized service that is not widely available, this can be used to support your argument.
Write your letter of intent. Your letter of intent should clearly state your request for higher reimbursement rates and the reasons why you believe you deserve them. Be sure to include any and all relevant information outlined in number 2.
Follow up and continue to file reconsiderations if your request is denied. Don't give up!
Repeat the process and review the rate every 2 years. Negotiating your contracts is not a one-time event. It's important to review your rates every 2 years and to be prepared to renegotiate if necessary.
Remember, as a healthcare provider, you deserve fair compensation for the services you provide. Don't be afraid to fight for the reimbursement you deserve! By following these key points, you'll be well on your way to successfully renegotiating your contracts and ensuring that you're being compensated for the services you provide.