As hospitals model payer contract terms to forecast revenue, negotiate favorable contracts and manage insurer relationships, they should ensure they have defined goals in mind, said John Wallace, director of revenue cycle solutions at nThrive, a healthcare revenue cycle management company.
He said this is because any miscalculations due to lack of defined goals can have negative financial effects, either immediately or in the future.
To avoid this pitfall, "schedule planning meetings well in advance of negotiations [with payers] to help stakeholders from different areas of the organization align on priorities and key issues," said Mr. Wallace.
If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the "RCM tip of the day" series.
More articles on healthcare finance:
Nonprofit hospitals 'well-positioned to compete' amid healthcare disruption, S&P says
Ohio lawmaker proposes budget amendment to address surprise medical bills
Where healthcare stakeholders stand on surprise billing