Professional administrators play a crucial role in extending settlement funds by leveraging their expertise and networks. They secure potential discounts through their provider and pharmacy networks and negotiate with service providers to maximize funds.
Expertise of Professional Administrators
Professional administrators are skilled in ensuring medical funds are efficiently managed. Their expertise includes:
- Securing appropriate billing with correct ICD-9 and 10 codes
- Adhering to applicable fee schedules
- Negotiating fees to enhance fund longevity
Potential Discounts and Negotiations
One of the primary ways professional administrators extend settlement funds is through negotiating discounts. By working closely with service providers and utilizing established networks, they can significantly reduce medical expenses.
How Does Fee Negotiation Affect Settlement Funds?
Fee negotiation is a critical strategy used by professional administrators. It involves:
- Engaging with service providers to discuss fee reductions
- Ensuring that all charges align with negotiated pricing
- Monitoring ongoing expenses to maintain fund efficiency
