Many people try to do their home projects without finding a trusted professional. You try to calculate the amount of time that you need to invest in your home project. Also, you need to determine the price tag of your project. Most people do this. However, a real struggle comes when you go to the local store for buying all the supplies that you will need for the project. You will scrap your project most of the time as it is hard to find the correct supplies for your project.
This example is also applicable to healthcare providers when they are dealing with payor contracting and credentialing. Hospitals will try to handle the most time-consuming task by themselves. Due to this, most hospitals become overwhelmed and they will give up before even starting.
Due to this, providers will generally go with the reimbursement rates offered by payers. They might even ignore the contract and keep working with the old rates. You will lose a lot of money if you are going for this route. However, you can avoid this easily.
Payor contracting is a time-consuming and tough process. Thus, there are experts in this field. They will help you in completing this task. These experts know how to talk with insurance payors. Insurance payors are open to healthcare reimbursement but you need proper experts for dealing with them.
Why Should You Outsource Payor Contracting?
Some of the main benefits of working with experts are:
1. Save time
The process of dealing with insurance payors is long and detailed. Compliance also matters in this process. Each insurance company will have a unique process. They will follow different regulations. Due to this, the entire process becomes lengthy. If you miss any step in this process, then the entire process will slow down.
Payor contracting and credentialing specialist can help you in solving this process. They know how the payor contract process works. Thus, they will help you in simplifying this process.
2. Fewer denied claims
Your insurance payor contract will contain the process for filing claims. This process is generally very specific. If you are not following this process, then your claims will be denied. You will spend a lot of hours dealing with these denied claims. Also, you will lose a lot of potential revenue.
Payor contracting specialists know how to create a foolproof claim process. They will make sure that the claim process works for your healthcare facility. This will help you in avoiding denied claims. Your partner will also help you in understanding the entire claim process. This will help you in reducing the number of errors that you make during the claim process.
3. Better reimbursement rates
Your initial contract will generally include reimbursement rates that are too low for your services. It is difficult to negotiate this contract as you need to spend a lot of time and energy. Also, you should have adequate experience in this field.
HPA has relationships with most insurance companies. They have years of experience and expertise. Thus, you can rely on them. HPA knows what a perfect reimbursement rate looks like. They will also help you in getting even better rates.
If you are working with payor contracting experts, then you can expect higher negotiated rates. This is one of the most important advantages of outsourcing payor contracting. You will also get streamlined credentialing. This will ensure that your applications can move quickly.
Conclusion
These are the main advantages of hiring a payor contracting specialist. They will help you in saving a lot of time. You don’t need to worry about dealing with insurance companies. Also, they will help you in getting the best rates. This will help you in increasing your revenue.