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DocFinancial: We Take the Pain Out of Insurance Negotiations

Revenue Management - June 2, 2020

Quick question: do you and your healthcare group have a process when your insurance contract needs to be renewed? These types of contracts need a lot of attention. Not only are they due every three to five years, but without someone closely monitoring the negotiation process, there may be a long-term barrier to payment. Additionally, staff turnover at insurance companies can cause further delays. At the end of the process, negotiations could take as many as six months to complete. 

When time is the essence and you need assistance with your insurance contract negotiations, don’t settle for an alarm or notification on your smartphone. Partner with DocFinancial, a seasoned provider of medical billing services. Here’s how we take the pain out of insurance negotiations.

DocFinancial Puts Our Team to Work For You

When you hire us, our team becomes your team. DocFinancial is a USA-based outsource partner with over six decades of industry experience. That’s how we know the best way to go about this process is to assign a billing manager to negotiate the contract on your behalf. And we seek your feedback each step of the way, so you’re never far from the discussion. 

What makes DocFinancial’s team such effective negotiators is our understanding of every insurance companies’ strengths, weaknesses and rates. When we arrive at the negotiating table, we are equipped with the right information to get you a fair rate. On top of that, we work to ensure your chain of payment is secure, transparent and accurate. With DocFinancial’s billing manager at the helm, your staff is relieved of this task and freed up to focus on their work. 

DocFinancial’s Insurance Contract Negotiation Process 

Our team gets to work on your behalf early. Negotiations begin a full six months ahead of the renewal date. We start discussing your preferred conversion factor per procedure and act as a liaison between your practice or group and the insurance company. Our mission is to get you the highest accepted rate. Once the contract has your signature, we send it to the insurance company and confirm that it has been loaded in with their office at the time of renewal. We remind you when it is coming due. 

Simplifying New Hires Onboarding 

When a new physician joins your group, there is a lot of paperwork involved. Offload part of this task to DocFinancial. Our expert team of professionals make sure the provider’s service address is tied to all locations. And we do the heavy lifting to gather all of the necessary documents, including: 

  • Active state medical licenses
  • DEA registration
  • Medical school diplomas
  • ECFMG certificate
  • Residency, internship, and fellowship certificates
  • National Provider Identifier (NPI) documentation
  • Board certification(s)
  • Malpractice liability insurance certification

Early Eligibility Verification

Getting insurance eligibility verification is a vital part of any healthy healthcare group. This ensures a number of things: patients have coverage; services to be provided are covered; denials and appeals are minimized; payments are expedited at the correct rates. 

Boost Cash Flow

When DocFinancial manages the verification process, staff spend less time before a procedure or after the service has been rendered when a claim is denied. We go the extra mile to make sure all of your patients’ details are up to date, including their contact information, address and insurance coverage. Finally, we make sure their lifetime limits or required authorizations have been received. 

Partner with DocFinancial

What sets us apart from other medical billing service providers? Our team combines excellent software with a deep understanding of the industry. We know what to look for, how to find it and how to deliver a clean claim. Give us a call and see what we can do for your group.