What happens when payers and suppliers interpret the terms of the contract differently? Or the income cycle equipment loses critical details buried in the small print? It is assumed that contracts between medical care providers and payers must clarify the responsibilities of each party. Actually, that is not always the case. Hospitals face expensive consequences if they are not completely with the payer’s policies, but they often have difficulty monitoring the accuracy of payment when it comes to paying on time and in its entirety.
That is why good contract management is important. Ensure that both parties are reading the same page protects suppliers from unsatisfied expectations and loss of income. Ash Timothy DayeDirector of Hiring of Attention Managed at Duke Health Integrated Practice, says: “It is about receiving the payment correctly according to their contracts, so that it does not leave money on the table.”