5 Ways MEDTEAM Revolutionizes Contract Management for Healthcare Providers

A survey by Black Book Market Research revealed that healthcare organizations annually spend $157 billion on manual contract management. In the same study, nearly all respondents (96%) admitted to using outdated or entirely manual processes. This highlights a prime opportunity for healthcare facilities to optimize their revenue cycle through improved insurance contract management.

While larger provider organizations often have extensive resources, including teams of sourcing experts, skilled negotiators, and specialized contract management software, smaller community hospitals often rely on just a few individuals to deliver the same level of patient care and operational efficiency on a limited budget.

MEDTEAM Revenue Cycle Management enhances your business office services by integrating seamlessly with your existing team. Our professionals, who deeply understand the dynamic healthcare landscape, can bolster your hospital's business office services, assisting with billing, cash posting, contract management, and account follow-up.

Here are five ways the MEDTEAM Contract Management solution supports your business office services:

  1. Contract Creation and Maintenance
    Our Contract Management team crafts and maintains expertly negotiated payer contract terms within MEDTEAM Enterprise Solutions and provides ongoing updates. Once these contracts are integrated into the system, the process of identifying and recovering insurance underpayments and overpayments begins.

  2. Underpayment Identification
    This often unnoticed revenue can amount to thousands or even tens of thousands of dollars monthly. Our team identifies and addresses billing errors and systemic insurance payer issues through variance reports, notifying you of any hindrances to accurate reimbursement calculations.

  3. Underpayment Recovery
    MEDTEAM collaborates with you to collect unpaid reimbursements from insurance companies. Over the past year, we've helped community hospitals recover over $4.9 million in revenue that was either unpaid or underpaid.

  4. Overpayment Recovery
    Insurance companies may seek to reclaim overpayments months or years later, sometimes withholding the amount from current payments and causing revenue disruption. We help you identify overpaid claims early to prevent such issues.

  5. Transparency
    Our Contract Management team provides a comprehensive overview to identify the root causes of insurance underpayment or denials and the actions taken to recover missing revenue. We communicate this information to your team, helping you understand underpayment trends, insurance policies, and potential future issues.

MEDTEAM Revenue Cycle Management

Enhance your rev cycle with accurate reimbursements through contract lifecycle management, which can help calculate and reconcile expected payments for better communication with insurance carriers, reduce duplicate work, and minimize risk.

To learn more about how MEDTEAM can positively impact your hospital's financial performance by streamlining and automating processes, contact your Customer Success Executive.

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