Successfully negotiated managed care contracts involve preparation, compromise, and collaboration, according to HFMA. It is important that healthcare organizations and constituents set forth their expectations with regard for payer needs in order realize impending benefits of successful contract negotiation.

I have to summarize the importance of managed care contracts from the perspective as a healthcare professional OR a patient. Include information about the following aspects of contracts, all from the selected perspective of either the healthcare professional or the patient: The purpose of negotiating Possible benefits and risks as a result of the established contract Why preparation, compromise, and collaboration are necessary in the process.