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5 Ways to Maximize Profitability in Contract Negotiations
When providers are armed with the right information and resources, they can turn the negotiations around to capture all revenue rightly owed to them by payer organizations. Modeling technology, training investments, and financial forecasting are make-or-break process points to consider.
Another factor not mentioned is the contract language. House of economic negotiations can all go down the drain it the contract language regarding pre-certification, utilization review, and medical record access puts the hospital in a defensive position requiring investment of excessive resources to meet contract lanaguage requirements. In my experience, hospital contract negotiators fail to consider the hours expended by hospital staff members to meet payer demands. Contract addendums spelling out these processes must be negotiated along with financial considerations.