How Axiom Contract Management improves efficiencies, increases collections, reduces denials, and supports better payer terms
To deliver consistent return on investment (ROI), contract management solutions must provide visibility into factors that affect payments versus expectations, perform “what-if” modeling to better negotiate payer contracts, and make contract management more efficient overall.
Hobson & Company, a third-party research organization focused on total cost of ownership and ROI studies, conducted in-depth interviews with more than 20 healthcare organizations and found that Axiom Contract Management solution delivered a 50% reduction in time managing payment contracts, a 5% increase in collection of underpayments, a 5% reduction in denials, and a 0.2% increase in negotiated rates from payers.
By using Axiom Contract Management, a typical organization with $350 million in commercial contracts, $100,000 in denials per year, and one full-time employee (FTE) managing payment contracts would see payback in 4.3 months and generate an ROI of 348% through increased revenue and better contract terms with payers.
Axiom Contract Management provides hospitals and health systems with tools to efficiently manage payer contracts, maximize payments, and negotiate better contract terms through modeling and claims analysis.
50% reduction in time spent managing payment contract
Axiom Contract Management helps users quickly review payments and resolve denied claims using workflow management features designed to help team members focus efforts on the highest value claims.
“With Axiom, we can now interpret contracts, easily access contracts, and know where to retrieve information.”
— Director, Revenue Cycle Optimization & Contract Management
5% increase in collection of underpayments
With Axiom Contract Management, hospitals and health systems proactively monitor payment performance against contract terms and calculate accurate estimates of reimbursements.
"We discovered that a payer was not following the hierarchy stated in the contract for years and years.”
— Director, Contract and Payer Relations
5% reduction in payment denials
Tracking denials is difficult and often time-consuming. Axiom Contract Management enables organizations to perform root cause analysis, track payment and denial transactions, report on denials by payer/plan, and manage denial and follow-up efforts.
“ Once we started using Contract Management, we identified a couple of payers through Axiom who had never shown up on our denials’ task force radar.”
— Director, Revenue Cycle Optimization & Contract Management
0.2% rate improvement with payers
Axiom Contract Management supports contract modeling and claims analytics by simulating managed care contracts, supporting better negotiation, and avoiding revenue decreases from proposed contract terms.
“The payer gets the same scrubbed data as we do. Axiom provides an incredibly accurate reconciliation with the payer. No longer are there any issues with payers proposing unfavorable contracts — since the payers know how good we are at modeling using Axiom, they don’t mess around.”
— Director, Contract and Payer Relations
Maximize net patient revenue with Axiom Contract Management
Axiom Contract Management helps healthcare organizations maximize net patient revenue by using data-centric tools to help automate:
- Contract modeling: Perform “what-if” modeling against contract terms to understand financial impacts and prepare for contract.
- Contract and payer compliance: Monitor payment performance against contract terms using actual claims to get accurate expected payments for the patient.
- Denials management: Analyze denials for insight into why and how often each payer denies claims to help guide corrective action.