One of the most common areas the Legacy team sees providers losing money is in their payor contracts. You open your practice, sign your initial contract with the payor for a set fee schedule, then you start seeing patients. Most payors will try to get you to sign an initial two or three-year contract. Each payor has their own methodology for calculating their fee schedules, and those change from state to state – even for the same payor! From the time you submit your offer letter to actually getting on the phone with a provider representative to negotiate can be six to eight weeks, sometimes longer. At Legacy, we can handle negotiating payor contracts for your practice from start to finish.
With practice expenses increasing, boosting reimbursement from private payors is one way to increase revenue. Successful negotiation is easier said than done. Legacy can handle contract review, reimbursement analysis, and renegotiation on your behalf. Contact Legacy Consulting Services today for more information about renegotiating your payor contracts.