Examine all existing and proposed contracts with the assistance of an attorney who has experience negotiating medical provider/payer contracts.
The majority of practices delegate contract negotiations to their medical director or manager. Even if they have had hands-on experience with several payers for a number of years, they may be unaware of their bargaining power.
Insurance companies must answer to stakeholders, contracted vendors (medical practices), and customers (patients). It is critical to understand the importance of successful payer contract negotiations in order to improve reimbursement rates, reduce denials, and improve contractual agreements.
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