Things you should know before signing a contract

You should know before signing a Contract with insurance companies that are dense with legal and financial information that primary care physicians may find difficult to comprehend and keep track of. Most insurance companies hope for this, and they frequently create contracts that are so densely packed with technical terminology that simply understanding them takes a long time. Regardless, you should make an effort and devote the time necessary to understand your strategy.

In general, insurance contracts should pay you roughly 12% more, but the contract’s complicated verbiage is designed to make the process more difficult and deceive you into signing a contract with lower rates. When this happens, you should open up the topic for renegotiation of your contract. And, if you’re not careful, you might not get the rates you deserve. There are several guidelines to follow in order to successfully renegotiate a contract, and you should also know when to reject a contract.

Health plan insurance strategy

Knowing more about the health plan given by the insurance providers is the most crucial thing to do before you decide to go through the contract or if you need to check if you should be renegotiating. This phase is critical because it allows you to determine whether or not your practice is eligible for the plan and how well it fits the health plan. You should go to your health plan’s website or contact them for information on additional healthcare providers, such as primary care physicians like yourself or hospitals and surgery centers. Not only does this assist you in determining whether your service is covered by the health plan, but it also informs you of your importance to the health plan.

Contract renegotiation

If you believe that the initial contract is not providing you with what you are worth, it may be time to renegotiate. While renegotiating the terms of your contract, be wary of the following deal breakers, which may appear innocuous enough but are actually set purely for the benefit of the insurance provider. If these are the terms of your initial contract, set up a meeting for contract renegotiation as soon as possible because you are not being treated fairly.

• The insurance provider does not need our signature to change the terms of the contract. This is a big no-no in any field, not just insurance, because you have no say over any future changes to the contract.

• The health plan may change significantly, and you will be required to follow those changes because you waive your right to be consulted about these changes.

• You do not have access to all applicable fees.

• The contract’s definitions of who has access to the services are unclear and ambiguous.

• According to your contract, you are not permitted to set any parameters or limits for your practice. This restriction on your independence is a deal breaker because you will always need approval from your insurance providers.

These are the most prevalent deal breakers in contracts that are purely for the advantage of the insurance company. In general, if your contract is littered with confusing phrases that are difficult to keep track of, as well as provisions that take away your authority over most topics, it isn’t right for you.

Before you sign a contract, speak with one of our professionals at WWS, who can guide you in establishing insurance contracts that are both business-centric and profit-oriented.