Contract Renegotiation

When was the last time you reviewed your payer contracts? Are you being reimbursed what you should?
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Contract Renegotiation

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. 

Authorization medical billing services

 

 

Don’t go medical contract renegotiations alone, partner with Billed Right and get someone who can help you determine where you can maximize your revenue the most.   

Contact us today to learn more about our contract renegotiation service!  

 

Our Expertise

Getting Help with Medical Contract Renegotiation

Billed Right has a contract renegotiation team that can help! Our team reviews your current reimbursements, analyzes them finding key aspects with payer contracts to provide details to you on which contracts can provide the biggest financial opportunities upon renegotiation. 

As your partner in renegotiating your payer contracts here is what you can expect from us: 

  • Help in preparing to renegotiate your contracts 
  • A list of DX codes with frequency for the quarter and the year 
  • Generate the highest volume CPT 
  • The top codes used most frequently – 20% of codes usually are used 80% of the time 
  • Benchmark of reimbursements currently received against Medicare fee schedule 
  • An Excel spreadsheet listing top reimbursement and top carrier 
  • We help you stand out by understanding what makes your practice unique 

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TESTIMONIAL

What clients say

Account Managers are always readily available to help me. I appreciate their efforts daily! Our AM is a true gem and gift to any client account she manages. Her knowledge and suggestions aid me and my clinic in many ways. I would never have been able to execute a few items without her help. I was not in my current role before they chose to use Billed Right, however, I do see reports that show substantial increases in Revenue for my company. I appreciate the transparency of reporting, coding, and claims with the team and within the system. I would highly recommend Billed Right to others. In fact, at the most recent Meditab conference, Billed Right’s contact information was given freely with praise to several small business owners in need of financial assistance.

Practice Administrator of Urgent Care, TN

Billed Right has depth that similar service organizations do not. There is not a one or two-person team that handles everything. It is an organization that as a team understands our account. We have senior leadership, on the ground leadership and day to day team members that know our account. That is not easy to replace and certainly, at our size, not something we could bring internally without a significant commitment to infrastructure. While we cannot speak to how they may align with a specific set of needs…they are a professional organization with solid tools. Ultimately you will choose an outside billing partner for the simple reason of increasing collections. This will happen with Billed Right…but to us…as much as increasing our cash flow is their team of professionals. I like them, respect the contribution they make to our company and openly offer my personal recommendation.

CEO, Pain Management, CA

I have been associated with Billed Right for the past two years since I started my practice. Billed Right have been incredibly helpful in assisting my practice with initial credentialing, providing prompt responses to all my requests and excellent service to address my concerns. I am very satisfied with their timely insurance billing, collections, low AR, and patient accounts management. My Account Manager meets with me regularly to review and discuss management reports and address my questions in a professional and promptly manner. I am very satisfied and could not ask for better service. For these reasons I highly recommend Billed Right to anyone looking for a reliable practice management service.

Psychiatry Provider, FL

Billed Right is very knowledgeable in every aspect of business. When our Dr. First acquired the practice, it was a huge mess because one provider was leaving, and one was coming in but Billed Right stuck in there with patience and loyalty. Account Managers are top notch when it comes to every aspect of the business and make sure that you are comfortable in what they teach you. Staff members are very competent and have patience of saints to put up with credentialing and enrollment processes. Staff are polite and know what they are doing and go out of their way to help in every situation. I want to thank each one of the teams. Patient call rep is awesome and is also top notch in the field.

Nephrology Office Manager, FL

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Contract Renegotiation