A contract management is utilized to determine accurate reimbursement. This ensures that you are reimbursed correctly according to your contractual obligations. This includes negotiating the terms and conditions of insurance contracts, ensuring compliance with the terms and conditions, and documenting and agreeing on any changes or amendments that may arise during its implementation or execution.
It can be summarized as systematically and efficiently managing contract creation, execution, and analysis to maximize financial and operational performance and minimize risk.
Contract management may also include systems that net accounts receivables to expected payment.
Benefits of Contract Management Software and Services
Vendors who offer contract management services can help hospitals and health systems maximize revenue, manage denials and underpayments, and get reimbursed for the care they provide.
They can accurately calculate the payments contractually owed to you by the payer. They can also help you uncover the most critical underpayment and denials, so your collections staff can work more efficiently and collect more revenue.
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