Are you getting paid what you should be by the insurance companies?  Many physicians are not, and that’s why the beginning of the year is a critical time to reevaluate and, if necessary, renegotiate your insurance contracts.  Here are some simple tips to begin the process:

· Research Your Revenues—Find out what your average income per visit is for each insurance company.  Our office can assist you by auditing your EOB’s and payment vouchers.

· Find the Problem Payers—Compare average revenues and identify which companies are not reimbursing you at the same rate as the others.  Know what the payments for your specialty and geographical area should be.

· Re-read Your Contracts—Know what your insurance contracts say .  Make sure you have information on how the company compares before you meet with a representative.

· Partner with your Patients—If necessary, let your patients know you will be dropping their insurance if the company does not negotiate.  Get the patients on your team.

· Be Patient and Persistent—Don’t let the insurance companies bully you—be persistent, and get what you deserve.

Making sure you are current and competitive with your fee schedules is critical to successful renegotiation.  There are several helpful tools you can use to make sure you are  charging appropriately and receiving payment accordingly.  A fee analyzer can give you information about what physicians in your geographical area and specialty are charging and where you stand in comparison.  It can also help you identify the CPT and diagnostic codes most used in your specialty and the reimbursement rates you should expect for those codes.   MD Alliance Billing, LLC can help update your fee schedules with our current fee analyzer tools.