Evaluating the financial impact of new contracts is a complex exercise given the multiple variables that come into play.
Jim Lazarus, Managing Director of Strategy and Innovation, Revenue Cycle Solutions Division, The Advisory Board Company: Many organizations struggle to be on equal ground with payers because they cannot easily access data or quickly calculate the implications of different contract terms. You need advanced analytics and reliable data in order to model different contract variables and make sure you negotiate for fair reimbursement with payers. Contract negotiations are multimillion dollar decisions, so it's critical that you face those conversations with the support of a tool that provides vital data.
If you would like to share your RCM best practices, please email Carrie Pallardy at cpallardy@beckershealthcare.com to be featured in the "RCM tip of the day" series.