Most practices are not getting the rates they deserve. If you haven’t negotiated your reimbursement rates in the last three years, you’re leaving money on the table. The amount of additional revenue practices forego can run in the tens (and even hundreds) of thousands of dollars.
Payers are willing to negotiate with small to medium-sized practices, but having a professional assist with the process could mean increases in reimbursement much higher than what you would otherwise achieve on your own. 25% of NGA Healthcare clients work with us after they have unsuccessfully negotiated rates on their own or with another consultant. In all of these cases, NGA Healthcare has been able to obtain increases.
In fact, NGA Healthcare has a success rate of 88% in negotiating contracts; we have been able to negotiate at least one major contract for each of our clients. The result is an increase in reimbursement that quickly covers the cost of our services.
Here are a few recent clients we worked with to negotiate reimbursement rates:
NGA Healthcare was able to obtain a 20% increase in reimbursement rates after only three months. This increase, from one of the company’s largest payers, will add about $200,000 to the practice’s yearly revenue.
Our practice tried to get an increase with one of our larger payers. It took eight months to even get a response. The network’s management offered us an ‘increase’ that was reviewed by NGA Healthcare. The contract offered was actually a decrease as our most commonly used codes were decreased while irrelevant codes were increased. With expertise and due diligence, NGA Healthcare helped us secure an 18% increase on our most commonly used codes.
After trying for nearly two years, NGA Healthcare was able to get my practice an increase in only three weeks. This will add over $30,000 to our bottom line.
Any practice that hasn’t negotiated their contracts in the last three years is leaving money on the table — these increases could mean the difference between profitability and loss.
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