Summer happens to be the perfect time to tackle this topic for healthcare contracting. We’re all in a bit of a laid-back groove. School is out. The weather is nice. There are BBQs. Pools are open. And oh those long holiday weekends.
We slip into “auto pilot” mode at work and coast along even when we know there are contract negotiations coming up. It’s always been the same offer from the insurance company for our physician reimbursements. An easy thing to account for in our practice revenue, sign it and get on with seeing patients.
But like the kid who comes running out of nowhere to land a cannonball in the middle of your quiet afternoon pool party, we’re here to shake up your “business as usual” thinking.
Because despite what has happened before, you can bet that the payers are not in “business as usual” mode when it comes to healthcare contracting.
They are evaluating the metrics about your practice — your fees, your patient volume, your performance. And they are formulating a reimbursement schedule that is going to benefit them.
They never treat it like “business as usual” — and neither should you.
Summer can be a tough time to get motivated — but because schedules are lighter, it’s a great window of opportunity to perform analyses so you are well prepared with your offer.
What should you be focusing on?
5 Questions to Answer Now to Prepare for Healthcare Contracting Negotiations
- What are my top codes that drive revenue? This helps you to focus in on the important codes for negotiations that are going to make the most different for your revenue. (RevolutionSoftware makes this easy to compute.)
- Are my billed charges set high enough? Maybe it’s time to raise the price on some of your common procedures.
- Am I being paid correctly? You may think your negotiated reimbursement is one amount, but going back through invoices and payments could prove otherwise.
- What is my practice or center’s unique value proposition? That is, how you are different than other providers in your area and specialty? Think about the benefits you give to patients and payers that no one else can match.
- Who is my contact at the insurance company? Don’t wait for them to contact you — do research now to find out whom you will be working with at the payer. And, remember, it is almost always the payer’s contracting team not provider management that negotiates contracts.
Want a better idea of your likelihood of increasing your revenue? Take our free reimbursement assessment survey.