The Importance of Hospital Contract Negotiations

Hospital Contract Negotiations

The members of your health care facility are working together to improve and save lives. You share in a mission to improve the community--and that is honorable. It is also important to remember that your hospital or clinic is a business. Third-party payers, like managed care organizations, may forge contracts with your hospital to help cover service costs. In these instances, it is important to stay on top of your contracts--and be prepared to take action to preserve a mutually beneficial business relationship.

Hospital contract negotiations are a vital component of your business. They can redefine expectations with your payers, ensuring you are being reimbursed fairly and can focus on delivering the best possible care to your patients. They allow your business to grow and adapt to the changes in your industry--while keeping all parties accountable to their responsibilities.

When negotiating new terms of your hospital contract with MCOs, it is important to choose a professional managed care negotiator. These are professional consultants that look over contracts and related documents, identify discrepancies, and fight for better terms on your behalf. By establishing fair terms on your contract, you ensure MCOs are paying their fair share on the services you provide to their subscribers. In return, you can reinforce your commitment to being a quality health care provider.

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