Many private finance initiative (PFI) contracts have been too generous, a former Labour minister has said.
Geoffrey Robinson, MP for Coventry North West, said the government had an opportunity to put pressure on businesses to get money back.
The former paymaster general said such schemes were a vital way of paying for new facilities such as hospitals.
He said he would look at a campaign for a PFI rebate, started by Tory MP Jesse Norman.
"If approached, I would consider it seriously," he said.
Mr Robinson oversaw a review of the PFI process when he served as paymaster general under Tony Blair in 1997.
Speaking on The Politics Show West Midlands he said many contracts had been "too generous" and were "too expensive".
"I believe there's a very good opportunity for the government in the difficult situation we are in to go for improved terms with modifications through them," he said.
Conservative Hereford and South Herefordshire MP Jesse Norman has started a campaign to get companies who will benefit from PFI schemes to hand back 0.5% of their profits.
Ten West Midlands Conservatives MPs are publicly supporting it.