Why Practolytics for Contract Negotiation services?
The Contract negotiation process at Practolytics
As a medical professional, your core job is to attend the patients. Allocating time & energy to the complex process of negotiating contracts with payer companies should be the least of your worries. At Practolytics we follow a diligent process of contract negotiation to provide you with the best possible reimbursement.
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How we help businesses
Medical providers are busy in providing the right treatment to their patients. Moreover, the insurance payer landscape is too complex because of continuously changing norms, numerous players, and diverse plans. Even a slight gap in comprehending the market can effectively change the revenue cycle of the medical practices.
Practolytics strives to fill this gap by researching both medical establishment and payer entities, viz-a–viz existing financial and market trends. We create an agreement scope in view of the business objectives for maximum revenues. With our diverse network, we seek out the best payer plans for the top specialities and our team of expert negotiators chart out the contracts including favourable terms.
Optimize Healthcare Payer Contract Negotiations with Practolytics!
Good contracts with the insurance companies is one of the primary factors for any profitable practice. That’s where insurance contract negotiation services by Practolytics come to play! We work with our channel partners to give a comparative analysis of your practice reimbursements versus other practices in the same geography / state. Our expert team of financial analysts monitors various reimbursements across different payers, conduct payer negotiation, and negotiate the best rate for your practice.
We have been working with Manik and the rest of his team since August 2015. At that time, we were a clinic in need of guidance, in terms of credentialing, understanding the claims process and optimizing the use of the technology and stabilizing cash-flow. The team as a whole spent many hours upfront working to get everything moving smoothly and also developing relationships with most insurance companies. Manik’s hard work & dedication paid off as our practice more than tripled in visits, and we no longer had to tell the patients that we aren’t in the network. This more than anything has allowed us great patient flow and continued steady growth.
We have outsourced our billing to Practolytics for the last 5 years. They have been very helpful and instrumental in our continued growth. They are always available to answer any questions that we have and assist our team. Their response time is great, and I would recommend them to anyone who would like to see their business revenue increase.
Practolytics has been a huge help for Personic HealthCare. They have done an amazing job for us and have been available at any given time for any questions that we might have. Within the billing industry, our experience with Practolytics has been a revelation. I would highly recommend Practolytics for any medical practice which wants 5 star service level.
Practolytics has been instrumental in working with us on numerous accounts to increase revenue and to improve the whole revenue cycle. We have partnered with Practolytics on numerous projects and no matter what we have asked to the team, they have always responded immediately and are willing to go an extra mile to be a great partner. We would not use anyone else for our needs.
FAQs about Contract Negotiation
What is a provider contract in healthcare industry?
Provider agreement is a contract between a healthcare provider and an employee benefits plan. The agreement states that the provider will accept payments from the plan for services provided to patients covered by that plan.
What is negotiated rate health insurance?
A negotiated or an adjusted rate is the amount an insurer is obliged to pay under contract for all the procedures and services a doctor or medical facility covers.
How can Practolytics help me?
We make sure that you do not have to pay an attorney to negotiate contracts ever. We take care of the entire process to give your business a positive outlook.
When should I review contracts?
You must review contracts well ahead of their expiry dates. You should notify the company if you want any changes or cancellations.
What is the timeline required to negotiate the rates?
It typically takes 3 to 4 months to get a favorable outcome, based on the practice location, demographics, suite of services provided by the practice etc.
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Not negotiating the payer contracts properly can result in revenue loss. Read to know about the importance of negotiating the contract terms and the key things to consider.
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