ContractID reconciles all insurance contracts within a healthcare system.
Every day your hospital processes a vast amount of insurance contracts. Each contract contains components such as deductibles, insurance rates, and late payment penalties. Without a way to track and systematize these, your hospital leaks hundred-of-thousands of dollars every year. ContractID offers a solution by reconciling every single contract within a healthcare system.
The automatic process gives healthcare systems control and accountability over contracts.
If you wanted to address the problem manually, you would have to hire a team to spend hours every day to painstakingly go over every contract, and even after all that work, there would still be missing revenue. ContractID’s reconciliation process, however, is automatic and accurate. It gives you visibility into the interworking of healthcare insurance contracts, saving your hospital time and money.
Increased visibility results in better leverage for contract renegotiation.
Without visibility into the contracts, insurance companies can charge absurdly high and uneven rates on a contract-by-contract basis. With Contract ID, a healthcare system gains increased accountability, making it easy to compare insurance rates across all contracts. This gives leverage to a hospital as you seek to negotiate more favorable rates with insurance providers.