Negotiating your reimbursement rates can have a huge financial impact to your practice. Every practice that I've worked with has at least a handful of advantages to negotiating their contract. Done correctly, every practice should be negotiating for higher reimbursement.

I recently helped my client get a 5% increase on most of their insurance contracts. It may not seem like much, but this increase resulted in an additional 50K a year for the practice - without having to do additional work or hire additional providers. The physician owner was of course thrilled.

How was I able to to this? I was diligent and understand what insurance companies are looking for when physicians want to negotiate for higher reimbursement rates. When negotiating your contracts, it's important to show a cost analysis to the insurance plan than shows that having your practice in their network saves them money. After we had conveyed the rationale behind the request, the insurance company couldnt say no. 

After negotiating as many contracts as I have, I've found that there a few simple strategies that work in your favor and can result in a favorable negotiation. Within the next few weeks, I will be sharing these strategies on my newsletter. I am also offering information and services on how I can help your practice with its reimbursement rates. Check out the information here.

Nathaniel Arana is nationally recognized healthcare business consultant with experience ranging across many different specialties. He is a physician advocate and has helped practices become more profitable by allowing his clients to focus on patient care by helping get rid of the business headaches. You can email Nathaniel at nathaniel@ngahealthcare.com or check out www.ngahealthcare.com.