There are often two camps in the dental industry: those who don’t understand the power of insurance negotiation, and those who are too intimidated by the process to try. However, PPO negotiation is an invaluable tool for practices of every size to improve their bottom line, get more from insurance companies and continue to meet the needs of a broad patient base. What is insurance negotiation, and how could your dental practice stand to benefit?
The Necessity of Insurance Negotiation
Did you realize that every insurance company pays dentists in the same zip code different amounts for the same exact services? Some dentists could be receiving 10% more than current rates depending on negotiation method, timing and whether or not they worked with a skilled insurance negotiation service like that offered by APEX Reimbursement Specialists. Every dollar that you can negotiate back into your pocket can add up. How much different could your practice be if you received 10% more for your most-performed services?
Insurance negotiation, or PPO negotiation, is the practice of contacting insurance companies to request an increase in reimbursement rates. While this used to be as simple as calling up the company every year and asking for a modest increase, things have changed. Insurance companies are less likely to negotiate and less likely to offer a rate adjustment. That’s why so many dentists choose to partner with companies that work on their behalf every day—insurance negotiators.
How Does the Process Work?
The process works by first evaluating where your practice is currently at. Our experts will examine your fees in comparison to other providers in the area. Are you getting the right reimbursement for the quality of service you are providing? Next, we will evaluate all of your current contracts. Many dental practices are contracted with numerous PPOs and networks, and each one should be negotiated with. We will use a proprietary method to analyze the best codes to negotiate and negotiate with companies on your behalf.
Does that sound like a lot of work? It is! Insurance negotiation can be a lengthy process that involves dozens of phone calls, letters, emails and hours spent working with companies. That’s why so many practices choose to work with negotiation partners that can amplify their impact, save them time and net them more from every procedure they complete.
APEX Reimbursement Specialists Can Negotiate for You
If you want to learn more about how APEX can help your practice improve your numbers and gain more insight into how you’re doing, contact our team today by calling (410) 710-6005. We look forward to working with you to make your practice a more profitable place.