In June 2014, the Medical Group Management Association released the results of a questionnaire that ranked members' most pressing practice management challenges. In this edition of “Practice Makes Perfect,” we'll tackle No. 9 on that list: negotiating contracts with payers.
Payer contracts are deeply woven into many practice processes and are an important component of a financially sound organization. Payer contracts are so important that many MGMA resources and conferences address the topic. Administrators and medical practice staff are knowledgeable about writing, analyzing and negotiating contracts with payers. While it's much a part of practice operations, there are still new strategies to employ when negotiating with a payer—or renegotiating with an existing payer—that will help position the practice for success.