It’s a new year, and many dental practices are looking for new and creative ways to improve their bottom line without making patients pay more. One of the best ways to increase your revenue without potentially isolating patients is negotiating your reimbursement rates with each PPO. From brand new practice owners to seasoned dentists, almost everyone can benefit from professional PPO negotiation services.
What Is PPO Negotiation?
Did you know that you do not need to blindly accept the reimbursement rates that you are extended by an insurance company? You can negotiate your rates to improve your bottom line and increase your revenue! A professional negotiation company like APEX Reimbursement Specialists will analyze your current office fees and production to determine which rates can increase your revenue the most. Then, we will use our expertise and relationships to work with insurance companies and negotiate, often over a period of weeks and months, to get you the best possible reimbursement amount.
For example, think about a $2 million practice that is 50% PPO and 50% fee-for-service. Assume that half of the PPOs are willing to negotiate reimbursement rates. In this situation, $500,000 of revenue would be able to be negotiated. Across the board, professional PPO negotiations typically result in a 10% increase. That means that this example practice could experience an annual revenue boost of up to $50,000. What could your practice do with $50,000?
How Does PPO Negotiation Increase Your Revenue?
When you participate in dental plans, the reimbursement rates that you receive will directly contribute to your revenue. The more plans that you participate in, the more of your revenue will be tied to the amount that you are receiving from insurance companies. As a result, boosting the money you get for different procedures will have an immediate impact on the revenue you bring in. In most cases, increasing the rates for your most-performed procedures can have a more radical impact than trying to negotiate a small increase across the board.
APEX Reimbursement Specialists Can Help You Increase Your Revenue
Whether you’re concerned about the potential for receiving an insurance provider audit in the new year or looking for a better way to increase your revenue, APEX Reimbursement Specialists is here to help. Contact our team today by calling (410) 710-6005. We look forward to working with you to make your practice a more profitable place.