Insurance contracts are one of the most valuable assets to any medical practice. However, as time goes by, offices put them in a filing cabinet or even misplace them never to be seen again.
When we consult for a practice in dire straights, one of the first items we ask to review are the insurance contracts. Insurance contracts are the life blood of a medical practice and must be reviewed on a continuous basis. Contracts do not just show you rates but are also an intricate part of an evolving practice.
Medical practices need to review them against their payer mix to ensure they are optimizing each contract accordingly. Patient trends by payer also can provide insight to an ever changing practice. Finally, your rates may change over the years and without due attention, this change in reimbursement could go unnoticed.
If this sounds like a daunting task or you just don’t know where to begin, please feel free to contact us for assistance.