Preferred One Provider Contracting: How it Benefits Healthcare Providers
As a healthcare provider, you want to ensure that you`re providing the highest quality of care to your patients. One way to achieve this is through preferred one provider contracting. This type of contracting can benefit healthcare providers in several ways, including increased patient volume, improved patient outcomes, and reduced administrative burden. In this article, we`ll discuss what preferred one provider contracting is and its benefits to healthcare providers.
What is Preferred One Provider Contracting?
Preferred one provider contracting is a type of healthcare contracting in which a healthcare provider agrees to provide services exclusively to a particular insurance company or health plan. In other words, the provider is the “preferred” provider for that insurance company or plan. Patients with that insurance can only select providers within the network. Providers agree to provide services to patients within the network at pre-negotiated rates in exchange for the insurance company or health plan steering patients towards their facility or practice.
Benefits of Preferred One Provider Contracting for Healthcare Providers
1. Increased Patient Volume
By being the preferred provider for an insurance company or health plan, a healthcare provider can expect to see an increase in patient volume. Patients with that insurance plan will be more likely to choose a provider within the network and the preferred provider will be the only option. To help facilitate this, an insurance company or health plan will provide information and resources to policyholders about the providers who are part of their network. By having exclusive access to a broader patient population and increasing patient volume, healthcare providers can increase revenue and grow their practice.
2. Improved Patient Outcomes
Preferred one provider contracting can also lead to improved patient outcomes. Since healthcare providers are incentivized by the insurance company or health plan to provide high-quality care to their patients within the network, providers will often take extra measures to ensure that patient outcomes are favorable. When patients are satisfied with the care they receive, they are more likely to recommend the provider to others, which can lead to an even greater increase in patient volume.
3. Reduced Administrative Burden
Lastly, preferred one provider contracting can reduce administrative burden on healthcare providers. By having contracts with fewer insurance providers, healthcare providers can simplify their billing and reimbursement processes, as they only need to navigate a limited number of reimbursement rules. Less time spent on administrative tasks means more time can be spent on patient care.
Conclusion
Preferred one provider contracting can be a beneficial option for healthcare providers. By agreeing to provide services exclusively to a particular insurance company or health plan, providers can expect increased patient volume, improved patient outcomes, and reduced administrative burden. If you`re a healthcare provider interested in participating in preferred one provider contracting, speak to your insurance representative to learn more about the available options.