Searching for the best insurance companies maybe hard to find, but it doesn’t mean that they do not exist. NItin Chhoda exposes simple techniques on how to identify and contract with the best payers so that your practice will have continuous income.
A huge decision that will need to be made by the private practice managers and owners, that will affect physical therapy marketing, is determining which insurance companies to work with.
The process of establishing relationships with insurance companies can be exhausting and time consuming.
The last thing that a business and physical therapy marketing manager wants to do is find out that the insurance companies they work with are bad payers. So how can you find the best payers?
Communication is Everything
When you start to look into insurance companies for your physical therapy marketing plan to work with, the first thing you will do is get in touch and find out how to negotiate a payment schedule and the rest of the details you’ll both need for the relationship to work.
Some insurance companies will essentially send your business through a completely automated physical therapy marketing system, lining you up with alongside everyone else who comes to them. You could never even have a conversation with a human before entering into a contract.
This kind of induction process is a red flag. If they don’t want to talk to you now, they are not going to want to talk to you when you are having trouble with a rejected or denied claim.
Build a Good Relationship
As a practice owner, you need to work your physical therapy marketing plan with companies that want to build a relationship with you. You want to have a conversation about their pricing allowances and you want them to hear your rates before agreeing to pay your claims.
It’s likely that you’ll run into a lot of insurance payers who are expecting and hoping to reject or deny as many claims as they can. If they are not even willing to communicate with your physical therapy services about how the process will work, you can bet that they will never pay a claim without a battle.
One of the ways that these companies make money is by wearing down the people who try to collect from them with a lack of communication and rejection after rejection.
Keep Tabs and Don’t be Shy
You may be able to avoid some of the worst offenders, but it’s likely that even some of the friendlier companies will treat you the same way as the bad ones. The best way to improve in your physical therapy marketing is to keep track of what has been happening.
Make sure that your physical therapy marketing strategies and medical billers know how to track the claims with each company and notify you if a particular company is bad at paying their bills. A particularly high rate of rejections and denials from one company out of a few may signal that it’s time to drop that company.
You don’t even have to do it all at once. Many practices are hesitant because they don’t want to drop patients just because their insurance company has some bad paying practices.
That’s probably a good physical therapy marketing idea. But as you go, don’t be afraid to stop taking new patients with that insurance policy. If the insurance company doesn’t pay, you shouldn’t take the risk.