Have you tried and failed to negotiate with insurance companies in the past? Negotiating the terms of your insurance contracts is one of the most challenging aspects of running a medical practice. In many cases, giant insurance conglomerates have the upper hand when it comes to negotiations – you need them more than they need you. But don’t despair! It’s still possible to negotiate your insurance contract and find common ground, no matter how powerful or intimidating the insurance company may be.
First, approach the negotiations with a positive attitude. Fluctuations in the market affect insurance companies in cycles. Sometimes unforeseen forces will help you achieve your negotiation goals, even if they appear to be impossible at first. Next, communicate specific contract goals with your insurance company. Which areas of your contract do you want to address?
What is the specific outcome you’d like to achieve, and the minimum you’d be willing to accept? The most typical points for negotiation include:
- Fee schedules
- Termination provisions
- Multiple procedure discounts
- Amended claims schedules
Finally, don’t enter negotiations with an all-or-nothing attitude. Remember that because you are in private practice and the insurance company is likely a large corporation, they have the upper hand. Go for what you want but always be willing to negotiate and compromise.
To learn more about insurance contract negotiations, coding, outsourcing, and everything you need to establish a successful healthcare practice, follow all of Sherlock Doc’s adventures on the DoctorsBusinessNetwork.com or Doctors Business Channel on YouTube!.