Introduction to Payor Contracting
Payor contracting at HPA is a new way for providers to improve their services. In this system, health insurance companies contract with specific providers in order to accomplish certain business goals. One of the main reasons for payor contracting is because it gives health insurance companies a better understanding of how well or poorly their insurance programs are performing. They can then make adjustments and provide better care to their customers.
When you join a payor contracting at the HPA program, you can be confident that your provider will provide quality care while also helping your company achieve its objectives. There are some benefits that healthcare providers can enjoy by signing up with payor contracts.
The Benefits of Payor Contracting
The benefits of payor contracting at HPA are numerous. It not only helps you manage your resources and improve quality, but it also saves money and increases revenue. In fact, according to the Health Professionals Alliance, contracting can save over $725 billion in Medicare spending over the next decade.
It is important to note that there are many different ways of contracting with health insurance providers. Some examples include:
- Pay-for-performance
- Value-based purchasing
- Bundled payments
- Accountable care organizations (ACO’s)
- Accountable care networks (ACN’s)
- Shared savings arrangements
Transitioning to Payor Contracts
Payor contracting is a way for healthcare providers to improve the quality and efficiency of their services. Most hospitals, nursing homes, and hospices have already contracted. In order to make this transition, it’s important for health insurance companies to change the way they do business with providers. This can be a difficult process, especially when programs are newly implemented or systems are outdated from years past.
Here are some ways payor contracting at HPA can help you make this transition easier:
- You’ll receive more efficient services
- You’ll save money on administrative costs
- You’ll have greater accountability for your services
- Your hospital can make a bigger impact on the community by lowering healthcare costs
- Your hospital will have a more profitable business model