Effective Contract Assessments & Renewal
Contract assessments ensure that your managed care contracts are efficient and work to your advantage. These assessments allow for better, timelier negotiations and more profitable contract renewal phases. We will go over the terms and conditions in the agreements and ensure that your contracts work as much in your favor as we possibly can and work to get more money to your bottom line. Contract assessments can help your strategic plan for the future, as well.
Advantages of Assessments
A recent assessment documented that a hospital was losing out on additional revenue due to the lack of managing the renewals of contracts. Several contracts had pending renewals that had missed the renewal date and had not been finalized. One contract had been completed but never returned to the hospital and rates never loaded.
A complete assessment of all health plan contracts was performed. This included key provisions such as rates, last renewal, effective date, and other operational issues. The assessment was documented and provided to the hospital. This included a write-up for each health plan contract. The write-up included a summary of the position of the contract and actions needed. Actions included operational improvements and re-contracting if needed.
The result was the contracts were updated with better terms and rates. A tracking system was devised to track renewals and status of contracts until final loading by health plan and filed by the hospital.