We can’t stress how many times we have worked with physicians who have never renegotiated their contracts or at least have not done so in years. Don’t miss out on getting paid more for the work you are doing and it is never too late to get those contracts out, dust them off and prepare to renegotiate like a pro! 

Did you know that by renegotiating your contracts you may be able to increase your revenue by 10 – 30%? That can be substantial and well worth the time. And what about the other information also included in these contracts? What is in the fine print? How do you determine which contracts you should be renegotiating? What increases on the fee schedule are you missing out on?  

Low reimbursement rates on office visits and procedures can take a huge toll on your practice’s revenue.  Unfortunately, insurance companies don’t automatically reward doctors for being loyal participants in their network – you have to work for it.   

Contracts have so much information that can affect your reimbursement in addition to rates for commonly billed services. Some of the other information you need to be aware of in these contracts are: 

• Number of days a provider has to submit a claim 
• Number of days a payer has to reimburse the provider 
• Scope and list of services covered 
• Reimbursement rates for all covered services 
• Denial dispute procedures 

• Term of the contract 
• Notice period for renegotiation and termination 

Understanding these terms is important to not just receiving payment,  but getting the most out of your reimbursement.