Healthcare organizations have a unique set of challenges when it comes to managing their provider contracts. The stakes are high, and the risk for costly mistakes is great – any misunderstanding or miscommunication can result in delayed payments from Medicare and Medicaid, which may lead to lower reimbursements, late fees, penalties, and even termination.
With this in mind, how can healthcare organizations effectively manage these contracts? One of the best ways is by using provider contract management software.
Software with features like automated document generation, upfront approval scanning/alerts (e.g., for required signatures), automatic compliance updates, and built-in cost comparison tools help your organization maintain accurate records that eliminate errors and keep you on track to make compliant decisions regarding payouts.
But software is just the beginning. Here are a few additional benefits you’ll experience when deploying provider contract management software:
Better Contract Compliance
True contract compliance encompasses more than keeping up to date with regulations and following (sometimes complex) guidelines – it also requires that your organization aligns its internal operations with those of contracted parties to maintain full compliance at all times, which requires time-consuming manual work. By automating many tasks and alerts that would have otherwise fallen on HR staff or busy providers, your organization can increase efficiency while reducing the risk for mistakes and oversights.
Forensic Support for Audits
When an audit into payment practices comes knocking, having provider contract software accessible on-demand makes it easy to track down detail on how payments were made. This is especially helpful when your organization is trying to prove its compliance credentials – or establish its lack thereof.
Cost Savings
When done correctly, contract management can save you company time and money by eliminating costly errors that result from poor record-keeping practices (e.g., incorrect coding) and unnecessary claims processing expenses that extend beyond the amount reimbursed by insurers and other payers. Additionally, your claims will be processed more quickly because the software will alert you of missing paperwork and signatures before a claim reaches the final stage in processing.
