Compare your payer contracts and reimbursements on an ongoing basis; test payer offers and your counter-offers. Key contractual information is easily available and provides a reference for renegotiating. All contracts are inventoried and cataloged.
Determine what various reimbursement rates will do to your bottom line, in aggregate and by CPT® code. Test the adequacy of your charges, determine A/R and write-off amounts.
Negotiating or renegotiating a payer contract for your medical practice can be one of the most important steps you can make toward improving the practice’s financial health. Knowledge is power and planning is essential.
Successful renegotiation of your payer contracts has a usual yield of 10 percent.