Cost Effective Performance Review Offers Healthcare Facilities an Intelligent and Financial Focused Appraisal into Payor Contracts
WAYNE, Pa., April 3, 2012 /PRNewswire/ -- NHPN (www.nhpn.net), an innovative and forward thinking company specializing in the performance monitoring of commercial payor contracts, assessments, contracting and data driven negotiations, announced today the release of their Payor Performance Assessment, a simple and affordable tool that allows hospitals to leverage in depth analytics to prime favorable negotiations with their commercial payors. The Assessment has proven valuable to prevent revenue losses saving healthcare facilities millions of dollars. The 30 day process analyzes data from a hospital's patient accounting system to derive a baseline and accurately measure payor performance.
The reports generated from the Payor Performance Assessment help guide and optimize negotiation strategies and provide hospitals with protection in critical areas such as Utilization Management, Reimbursement Methodologies and Administrative and Operational Procedures.
The Assessment addresses four critical areas that routinely plague healthcare organizations in their review of their current, in force, participating hospital agreements.
1. Examine contract language and rates to identify problem areas
2. Define contract performance and establish actual revenue vs. expected revenue
3. Provide critical business intelligence such as baseline comparisons, estimated case mix adjustments and key operational metrics
4. Develop detailed and accurate performance reports
The Payor Performance Assessment delivers recommendations to alter and enhance commercial contracts protecting both the financial and operational interests of healthcare facilities. Armed with intelligence, data and baseline comparisons, hospitals achieve a position of strength in their contract negotiations.
"Our industry is enormously complex," commented Michael Forese, President and CEO of NHPN. "And payor contract negotiations are risky business, where millions of dollars and the future of hospitals are at stake. We wanted to simplify the process and develop a cost effective solution for our clients. We consistently find that contracts do not perform to expectations and hospitals struggle to find the root causes of their contracts' financial underperformance. In many cases expected rate increases are negated by language buried in highly complex contracts resulting in significant revenue losses. By measuring the performance of commercial contracts with our Payor Performance Assessment, our hospital clients have the facts they need to remediate the problem areas. We empower our hospital clients and deliver the strategy for successful contract renewals in a simple and affordable approach."
NHPN, a national healthcare revenue cycle management company, supports hospitals and hospital owned provider organizations by offering strategic managed care solutions to drive increased revenue, cash flow and operational efficiencies. The company provides a comprehensive suite of managed care services including strategy development, analysis, negotiation support and ongoing compliance of managed care contracts, to obtain the economics that hospitals need to achieve financial goals and ensure contract compliance. NHPN has developed programs that change the current reactive process present in hospitals to a proactive process allowing hospitals to increase revenue, cash flow and reduce administrative cost. Additional information may be accessed at http://www.nhpn.net.