Practice tip of the week: Renegotiating payer contracts

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With all the useful information available on Physicians Practice, it is easy to become overwhelmed.

With this in mind, the tip of the week is a chance to reflect on some of the wisdom found all across the site. In this May 2019 story on renegotiating payer contracts, David J. Norris, MD, MBA, CPE gives this tip:

Know your fee schedule

Anticipate that each payer will establish speed bumps to slow down your claims process. Some payers might require different procedures to submit claims, such as the use of a web portal, special emails, and the like. They will use vague language to give them wiggle room-and the opportunity to deny claims. Beat them at their own game.

Create another database for your most common codes separated by each provider. Note how each code should be submitted. Make sure you capture all of them. Building this central repository will require time upfront, but it should ultimately speed up the daily claims process, reduce the number of days bills are in accounts receivable/accounts payable, lower the volume of denied claims, and make it easier should you to resubmit.

Click here to read the rest of the article and be sure to check back next week for another Tip of the Week!