Why you need to check your insurance contracts
All participating providers should be aware of their contracted fee schedule with health insurance payers and ensure that their contracted rate is up-to-date. As credentialing experts, we often see that participating providers are unaware of their contractual rates as well as other essential contractual obligations.
We strongly advise you to properly maintain participating agreements with your respective insurances.
Our experience shows that established providers often get paid by old rates or an incorrect fee set up by an insurance plan. That should be fixed as early as possible, as improper payments affect your practice revenue and influence your practice’s development.
• Define your major payers (you can use iSmart Billing Monitor dashboard)
• Pull up or request a copy of your participation agreements
• Evaluate the agreements
As a participating provider, you have a right to have a copy of a contract. Also, participating providers have a right to request contract renegotiations with their insurance companies. By reviewing your practice contracts and renegotiating frequently-billed codes with your insurance companies, you will be able to improve your practice along the way.
Do not miss this opportunity! Contact us.
P.S we have a big announcement to make soon. Please stay tuned!
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