One of the crucial aspects of acquiring a laboratory is the potential to maintain existing insurance contracts, which can be a complex yet vital process. At Laboratory Nexus, we aim to provide clarity and guidance on this matter.
The Value of Existing Contracts
When acquiring a laboratory, one significant advantage is the continuity of existing insurance contracts. Initiating these contracts from scratch can be a time-consuming and costly process, making the transfer of existing agreements highly valuable. These contracts often include Medicare, Medicaid, Blue Cross Blue Shield, and other commercial insurance providers.
Planning and Legal Consultation
To facilitate a smooth transfer of these credentials, appropriate planning is essential. It is possible to continue the credentialing that was previously established by the former owner. However, this process is not always straightforward. We would recommend consulting with a group that specializes in insurance credentialing, your billing company, and an attorney with experience in transferring healthcare companies.
Ensuring Transferability
The key step in this transition is to review the existing contracts thoroughly. This review should be conducted with the assistance of a specialist or legal counsel. Their expertise is crucial in determining the transferability of these contracts.
At Laboratory Nexus, we understand the complexities involved in transferring Medicare, Medicaid, and commercial insurance credentialing to a new owner and are here to provide expert guidance and resources. For more detailed information and personalized assistance, please don’t hesitate to contact us. Our team is ready to support you in every step of your laboratory acquisition journey, ensuring that your transition is as smooth and efficient as possible.
