Forbes October 14, 2024
Chandler Barron is president of Parathon, which provides hospitals and health systems tools to collect all the revenue they have earned.
Hospitals manage numerous payer contracts, each comprising hundreds of pages detailing how they can charge, bill for and receive reimbursement (revenue) for their services. The reimbursement they receive depends on a variety of factors—a hospital might lose money on a service with one payer but profit from that same service with another. This complexity is common, but it raises the question: How can hospitals effectively manage profitability with such a convoluted set of requirements and regulations?
In the healthcare revenue cycle, the process that tracks and manages these details is called contract management. In recent years, this term has...
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