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Deductibles

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Pay_My_Claims:
you can always speak to your providers about moving over and showing them the advantages of it is. Your contract allows for a quarterly or yearly review doesn't it?  If your average % fee you receive is 1300 a month...why would they object??

Cherylwilli:
My contract doesn't call for a review, but states I have the right to change the rate of compensation with 30 days' notice to Provider.  I'll have to research and figure this out.  Thanks, Charlene. 

PMRNC:

--- Quote ---My contract doesn't call for a review, but states I have the right to change the rate of compensation with 30 days' notice to Provider.  I'll have to research and figure this out.   
--- End quote ---

I would talk with your attorney, you may be able to say that "rate of compensation'" could mean rate of anything really. When I changed over I sent a letter to all my clients which I picked a date where all contacts would be either renewed or reviewed. I explained the process very simply stating that effective ___/___/___ I would be changing the method to which I was compensated.  I did not go into any further explanation. The attorney I have worked with for years taught me right off the bad that as a business owner the less you try to "explain" your methods and reasons, the less credibility you have and the vulnerable you are. When your mortgage goes up or you cable goes up, they send you an explanation that is very simple, straightforward and to the point, telling you NO more and no less than they need to. Same with YOUR clients.  You do not have to go into the "why's" with them. Don't tell them it's because your not getting enough money or that the economy is bad.. everyone can say that. You state what you are changing and when it will change. They have a chance to ask you questions but again you do NOT have to explain why. Sure you can answer on a case by case basis..but do so with confidence and not act like this is a negotiable change.   

If your provider's contract is open ended, (meaning no renewal date...) you should speak to your attorney about adding an "addendum" An addendum is simply an extension of an already created contractual agreement. The provider will have another opportunity to sign or not to sign. He may advise you to FIRST do an addendum that will allow your contract to state something like:  Billing company reserves the right to review, change or modify this agreement at any time with 30-60 days notice.  Once your clients agree to that then you can prepare to change over a month or two later on. I seriously doubt providers would deny that addendum, they may want to modify it but that's where you have your attorney come in and he can advise you better legally.

Don't be afraid to make moves and changes in your business that you need to make and deserve to make! Remember that the economy is bad on everyone and every business is adapting!

If you need help with any of this, feel free to contact me. Going flat can be very easy and painless!

DMK:
All brilliant advice.  I would like to add another reason to do flat fee.  More and more patients are getting high deductible plans.  The insurance may NEVER pay a claim because the patient never meets their deductible (I met mine once). 

You still have to enter the patient date, file the claims, enter the EOB, and keep the books.  If you don't get something per claim, you will ultimately get nothing for all your work.  I even question the co-pay portion.  I applaud the patients who pay their co-pay at time of service, but what if the visit goes to the deductible?  You are STILL entering the paperwork, the fees, the payment, and keeping the books.

Go flat fee....it makes SO much more sense!

Pay_My_Claims:
*grin* yes it is DMK  so glad to have been doing it for 2 years now :-)

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