There are a LOT of acronyms in the healthcare industry that might be causing more confusion than clarity! Here are some examples: HIPAA, TCPA, ACA, HMO, EPO, etc, etc. If you’re an industry insider, you can probably name all of these, and perhaps even have a basic definition of most of them. If you’re like most people, however, it’s completely understandable if the alphabet soup gets a little confusing. Let’s take a quick look at the different types of healthcare networks....the patients at your private practice will appreciate you for it!
But first, what do we mean when we say ‘network?’ An insurance network is a collection of physicians, hospitals, and healthcare providers that accept and/or has negotiated payment terms with a particular payer (insurance company).