Once the insurance contract is finalized, do you ever look at it again?

Too often medical groups spend months negotiating a contract with an insurance company only to file it away when it is finished.  Instead the contract’s terms need to be turned into actionable information in the practice management system, for your referral specialists, for front and back end teams, and your physicians.  Payments received must be compared to each contract’s fee schedules on a timely basis (This must be done by ALL physician medical practices on a monthly basis - Payment error rates can approach over 40%). Regular meetings/calls with the insurance company’s representative can help you renegotiate that contract when it is time for renewal.

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