Today, more practices are viewing payor contracting specialists as an integral part of the team. After all, these individuals help manage the relationships with payors and assist with contracts. Because of this, you might be asking yourself if your practice needs a contractor to manage payors. The answer is yes!
If you’re just beginning the search for a payor contracting specialist or thinking about hiring one, this post will provide you with helpful tips you should consider when hiring them.
What is a payor contracting specialist?
A payor contracting specialist is someone who is responsible for managing relationships with payors and contracts within the dental practice. They handle the communication between the practice and payor along with the processing of claims. Contracting specialists are often responsible for developing the rates a dental practice charges based on the payor or government’s fee schedule. Contracting specialists are also responsible for providing the service to manage your business’s finances.
How can a payor contracting specialist benefit your practice?
There are many benefits to hiring a payor contracting specialist for your practice. First, it allows you to focus on patient care and procedures, which is what you were trained to do. It also allows you to set your business up for success with long-term relationships with your payors. You’ll also have a better idea of how much revenue your practice can expect each month. If you hire a payor contracting specialist, they’ll be able to help you understand the contracts with payors. They can also help your business obtain contracts with payors if needed. These individuals will be responsible for staying up-to-date on any new government regulations and risk management policies. They’ll also be responsible for staying up-to-date on new payor rates and help negotiate rates with your current payors.
How to find the right payor contracting specialist
If you’re in search of a contracting specialist, keep these tips in mind. First, you’ll want to ensure you’re hiring a contracting specialist who understands the needs of a dental practice. This individual should also be knowledgeable when it comes to government regulations and risk management policies. You’ll also want to consider what type of experience your potential contracting specialist has.
Ideally, they’ve worked in a dental setting and have experience managing contracts and rates with payors. You’ll also want to consider their personality. Ideally, they’re a good fit for your practice. If you’re hiring a contracting specialist for the first time, you may want to hire an independent contractor to ensure they have the right skill set and personality for your team.
What to look for in your payor contracting specialist?
As you search for the right contracting specialist for your practice, it’s important to look for certain qualities. First, you’ll want to ensure they’re persistent. While this may seem like an odd quality to look for in a contracting specialist, it’s important. This individual will likely be working with payors and other government agencies to ensure your practice stays compliant. Another quality you’ll want to look for in your contracting specialist is strong communication skills. This individual will likely be communicating with payors on a daily basis. A contracting specialist will also be responsible for communicating with patients in practice as well.
Bottom line
When hiring a payor contracting specialist, you want to make sure you hire someone who is a good fit for your practice. Ideally, they have experience working in the dental field and have knowledge when it comes to government regulations and risk management policies. You’ll also want to ensure they have strong communication skills, are persistent, and have strong financial skills. Practices are recommended to engage a payor contracting specialist. If you’d like to get better rates from your current payors or would like to pursue new contracts, you will need the assistance of a contracting specialist.