One of the keys to increased profitability in this increasingly complex medical billing environment is making the best deals possible with equipment suppliers and service providers. How sure are you that you are getting the best deals you can? This all begins with your medical contracts. Contract management determines your billing rates, the technology you have available, and other factors that directly impact your profit margin. Today, we are taking a closer look at contracts and how you know that it may be time for a contract review.
The Importance of Contract Review
In a perfect world, medical billing would be an afterthought. There would never be any problems with insurance providers, essential equipment would be readily available, and invoices would always be clear. However, if you own a practice, you soon realize that there are many stumbling blocks along the way that can make billing and recoupment of costs a daily struggle.
Most of this heartache starts with the medical contracts that you already have in place. You may have had the same contractual structure since you started your practice, but most likely, things were shaken up every time a new healthcare law came into effect. The result for long-lasting practices is a tangle of contracts that need to be renegotiated constantly to keep up with new regulations and the realities of the healthcare sector. If you have not reviewed your medical contracts in the last two years, chances are that your contracts are not as beneficial to you as you have been led to believe.
How to Know if You Need a Contract Review
Usually, medical contracts are the last things on anybody’s mind until they expire. This is equally true in the business world as in the healthcare sector. This usually means that in order to maintain billing without interruption, there is a strong desire to simply renew contracts or quickly switch to whatever is available when the contract expires.
However, a looming expiration is not the only time for a contract review. In fact, it may be more beneficial to begin this process long before you have to worry about switching contracts.
Do you think a closer look at your medical contracts might be just what the doctor ordered to help your billing department make a full recovery? Contact us today at Advanced Reimbursement Solutions in Wilmington and Phoenix to book a time for a full review of your medical billing management.