Effective Healthcare Contract Management after COVID Pandemic

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Effective Healthcare Contract Management After
COVID Pandemic
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Introduction

• Healthcare Contract Management majorly deals with
  management of contracts between payor and
  providers.
• Complexities involve with the ever-changing
  policies, regulations, compliance and insurance
  charges to be monitored and tracked for
  efficiency and quality.
• It can get difficult for physicians and medical
  practices to keep a track of the contractual
  agreement and focus on patient care and achieve
  maximum reimbursement.

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• With COVID and Pandemic producing a plethora of
  challenges with Healthcare and Medical Billing,
  there has been an immediate need to bring forth
  advancements and upgradation to various areas and
  processes undergoing the ongoing changes.
• Effective Healthcare Contract Management has
  become quintessential to deal with current
  demands.

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What is Healthcare Management?

• A typical contract between the healthcare
  providers such as hospitals, Medical Groups,
  Medical Practices, Physicians and Insurance
  careers or Healthcare care plans, Managed Care
  Organizations (MCO), Health Maintenance
  Organization (HMO).
• Healthcare Contract Management seamlessly
  strives towards adhering to and managing such
  contractual agreements while closely monitoring
  and analyzing for changes and updates affecting
  current trends.

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• Every physician and practice aims towards
  efficient Healthcare Contract Management to
  ensure
• Quality Patient Care
• Bring down Operational costs and focus on
  increased finance
• Keep up with Insurance Policies, Healthcare
  Regulatory and Compliance
• Assess and Mitigate risk factors 
• Process Standardization

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How to Achieve Effective Healthcare Contract
Management?

• Engaging into a streamlined process to review
  and maintain contractual agreements regularly and
  notifying all staff involved on changes and
  updates are key factors to ensure effectiveness
  along with few steps listed below.

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Process Automation

• Implementing the latest upgraded tools and
  software to manage healthcare contracts can
  deteriorate complexities and manual efforts and
  cost involved.
• Current upgraded software has various tools to
  notify changes and ensure the contractual
  agreement is intact and up to date.

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Frequent and Regular Audits

• Frequently auditing contractual documents,
  reviewing any changes or updates related to the
  protocols or pricing is essential to ensure fee
  value for each and every Medical service is as
  per the current contract.
• Any delays or misses in such fee schedule
  updates can lead to processing your claims at low
  cost than payable affecting monthly collections.

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Outsourcing Healthcare Contract Management

• Managing Healthcare Contract Management In-house
  can be cumbersome causing unwanted delays and
  revenue loss.
• Outsourcing benefits with expertise services
  keeping and upgrading all contractual agreements
  current and educating related billing and coding
  staff process the claims accordingly and earn due
  reimbursement.

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About MGSI

• MGSI is a 25-year-old leading provider
  of Medical Billing Services in Tampa, FL. Rated
  A from Better Business Bureau and adhering to
  HIPAA Compliance, MGSI assures the highest level
  of security and PHI protection.

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• MGSI provides Revenue Cycle Management
  services to more than 600 physicians, physician
  groups across the nation.
• MGSI also provides Healthcare contract
  Management Services by reviewing the fee schedule
   with the payor to ensure reimbursements are
  based on your contractual agreements. 

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Contact us

• To know more about MGSI and our services 
• Call us 1-877-896-6474
• Visit our website www.mgsionline.com

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