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I recently read a good article in a magazine that talked about managed care contracts. Hey wait! Come back! This can help you….!!

There is no better time than now to re-evaluate your insurance contracts. So many physicians/physicians offices feel they simply have no bargaining power. Others may just feel that the task of negotiating is too time-consuming and tedious. The article I read is titled “Develop a Game Plan for Managed-Care Contracts” (St. Louis Metropolitan Magazine), and it’s very helpful information. Here’s some tips I gathered:

Negotiating does not mean you will win or not win, rather everyone feeling mutual about your agreement. Always be willing to compromise-and also be willing to say “goodbye”.

Here are some things to consider when you are negotiating your contract:

Do you perform a unique procedure in your specialty?

Are you the only specialist in your area?

Do you have a short patient waiting time?

Do you have an outstanding quality that other practices don’t?

It’s recommended to make a list of all the insurance companies that you contract with. List the plan names, effective dates, contact names and phone numbers, the contract review date, and what they reimburse. Getting this on paper in front of you gives you a birds-eye view of how your insurance company reimbursements compare to one another. Who is at the low-end of the pole? Start with them. Is your cost more than what you are being paid?

The bottom line is: Don’t settle. And remember that negotiation is compromise with both sides feeling they won. Identify what is most important to your practice and be willing to compromise on less important areas of the contract.

So what work’s for you? What are your recommendations on successfully negotiating contracts? We’d love to hear from you….