Contract Negotiation in Palmetto
- Accounts Receivable
- Appeals
- AR Run Down And Recovery Audit
- Charge Entry
- Chronic Care Management
- Claims Submission – Work Edits & Rejection
- Coding Denial Management Services
- Complete Practice Analysis
- Credit Balance Services
- Denial Management Services
- Document Management Services
- DRG
- EHR Support
- Eligibility & Benefits Verification
Other RCM Services
The team has done a stupendous job in clearing the backlog of work from the other vendor in such a short time. Thanks, team, for your dedication by working through days and nights and weekends to have this accomplished.
VP Services
from CaliforniaWow that’s an amazing performance, you have collected 40% from the claims that was sitting unpaid for more than 180 days in less than 4 months. This is truly great performance team. Love your commitment, speed, and technology.
Pediatrician Physician
from Atlanta
In order to come to a legally binding agreement on the conditions of their relationship, two or more parties engage in a process known as contracts negotiation . Each party must be content with the rights and duties that have been assigned to them in order for contract discussions to be successful.
Contract negotiation is a process through which the reimbursement value for the respective services can be revisited. The provider has to raise the request with the insurance companies for contract negotiation in order to increase the fee value for the services he provides. All the requests are subject to approval from the insurance company. The request will be submitted in the form of a letter that explains the services he provides and the reason for the increase in fee value. The contract negotiation process will take up to 90 days to complete.
Many health plan contracts are evergreen, meaning they’ll automatically renew at the end of the time period, unless one party decides to modify the contract. According to Healthcare Finance, contract negotiation typically hinges on three factors:
The financial terms including reimbursement rates.
The practical elements of working on things such as case management and accounts receivable
Strategic initiatives like value-based agreements
Whether you currently have a contract in place or not, make sure to review it to see if any revisions are required.
It is crucial to establish a negotiation range that includes:
- The operational components of working together around aspects like case management and accounts receivable
- Strategic initiatives like value-based agreements
- If you already have a contract on the books, be sure to analyze it and see whether modifications are necessary in payer contracting.
It is vital to set a bargaining range, including:
- Optimum: The first negotiating starting point and optimum terms
- Minimum: The exposed requirements that must be satisfied, or you must walk away.
- Target goal: the destination you aim to achieve after the conclusion of negotiations.