Conducting a managed care contract review

Healthcare providers traditionally focus on price when negotiating managed care contracts, but other important contract terms can affect the degree of legal, strategic, and financial risk a provider bears. In addition to having a review of all contracts by legal counsel, providers should conduct a separate business review of the contract terms, from making sure terminology and references are clearly defined or explained to assessing the details of the dispute resolution procedures. Providers should fully understand--and possibly refuse--requirements that could result in additional costs.