Insurance payers always say: “What we’re paying you is comparable to those in your locality,” or something along those lines. But now there’s proof that you are underpaid, especially with those in your local area.
With actual contracted rates of your competitors now published in machine readable files and available to you, benchmarking will become a powerful instrument in your strategic RCM toolkit. It allows you to compare your payer rates and billing practices with those of providers in your geographic area, your peers, as well as industry leaders. With such a massive amount of data an organization needs a tool they can count on like Rivet to parse and organize the data so it is accessible, usable and current. The use of Rivet's comparative analysis tool informs pricing negotiations, revenue cycle management strategies, and even service line planning.
Armed with the knowledge of your competitive position using Rivet, you can enter payer negotiations from a position of strength, clarity on how your rates compare to others provides you with leverage, and the verifiable data to back it up can lead to more favorable contracts. When you go to negotiate a contract and the insurance payer tells you that you are "being paid the highest in your area" you now have the undeniable proof if you are, in fact, not the highest. You'll know where you fall against competitors on your critical codes so you can negotiate with proof from their own machine-readable file.
