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Yes, you really can negotiate the cost of medical care

Although many people are not aware of it, the medical industry is one of the few American industries where negotiating the price is not only acceptable, but common.

If you wondered by health care prices are very high for individuals it is because people who are insured usually benefit from prior price negotiations that were done by HMO’s.

In any case, price negotiation is not just available with large companies. Although it may seem intimidating, many people have and will continue to negotiate lower health care costs for themselves.

Negotiating can save you up to 60 percent

According to Consumer Reports, only about thirty percent of Americans even try to negotiate with medical care providers; however, of those who try, 93 percent are successful at least once.

Savings average between thirty and sixty percent of the original principle, though people saving as much as ninety percent have been reported.

Making an effort to reduce your costs is always something to strive for even if it does not work for everyone in every case.

Step One: Negotiate in advance

The first step to negotiating medical expenses is to negotiate terms in advance for planned medical visits and examinations.

In some cases health care providers don’t want to wait for payment and offer a ten to twenty percent discount for those who pay promptly. These discounts are usually reserved for those who are able to pay for planned medical services at the time of the visit.

Many health providers also offer a payment discount for those who are able to make large partial payments.

Step Two: Talk to the CFO

The next step is to speak with the provider’s Chief Financial Officer (CFO) after you have received your bills. Often times just taking the initiative to ask for a discount gets results.

To be effective however, you need to know what will be acceptable from the health provider’s point of view. Find the average price range in your area for comparable services and try to negotiate for those if it would benefit you.

You can find out what the normal charge for various services is by looking at websites like Healthcarebluebook.com and many insurance company sites.

Step Three: Discuss payment options with the billing department

If you get a discount from the provider’s CFO, you probably will not be able to negotiate further discounts from the billing department.

However, you may be able to negotiate an interest-free payment plan. The amount of accruing interest on medical expenses can be very high.

If you can negotiate for lower interest on your health care bills, you can greatly reduce the overall amount you pay during the course of your payment plan.

You have nothing to lose and much to gain

Contrary to the impressions of many people, most medical service providers are willing to negotiate and rarely expect everyone to pay every cent originally charged.

In fact, many providers specifically budget for a lower repayment than they initially bill. For the consumer, there really is nothing to lose by trying to negotiate discounts and reasonable repayment terms.

Taking the risk of a heath provider telling you “no” is not that large of a risk. But negotiating is worth the effort. As Consumer Reports has documented, 93 percent of those who try do in fact get a discount.