Actively seek out new insurance partnerships
Reading Time - 2 min
Why you should spend 2 minutes reading this:
Failing to increase your pipeline of insurances can impact your bottom line by 5%+
We’ve covered the importance of decreasing your financial risk in: Three Common Risks
Insurance companies are one of the primary sources of your financial risk. In order to decrease insurance stakeholder risk, you need to do several things.
Minimize your reliance on any single insurance
Maximize the reliance of insurances on you (see: I'm So Good, You Need Me)
Maximize the number of insurances interested in working with you (the focus of this article)
Even if your practice/clinic is fully booked, you want to maximize the number of insurances that would join you.
Three main reasons for this is:
It gives you power against your current insurances if you’re looking to renegotiate rates
It decreases the likelihood that your practice/clinic will not be fully booked if/when an existing contract is terminated
It gives you a pipeline for more business as you improve your throughput or grow
The process for maximizing the number of insurances that want to work with you include both quick wins and long-term efforts.
These are the quick wins:
Make and maintain a list of all the insurances in your area
Reach out to them annually with your provider package
This is the long-term effort:
Better understand the needs of insurances (your primary customer) and develop solutions for them. You would then include these in your provider package. More information on this can be found in I’m So Good, You Need Me .
Depending on the quality of your insurance pipeline you may want to bring in new insurances following the logic outlined in Contracts: In(crease), Out or Hold.
High-level actions you can take based on this article:
1. Refine processes to engage un-contracted insurances / complimentary providers
2. Select partnerships that will be most beneficial for your provider group
Keep Reading - Up Next:
I am a physician in a practice or clinic
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I am looking to provide cost-effective care