Managed Care Organizations: Basics of Negotiating and Contracting
Managed care organizations, and corporations generally, have legal departments or law firms that zealously represent their interests. Consequently, in the managed care environment, practitioners need to be legally savvy when it comes to negotiation and contracting. The focus of this work in writing will be the negotiating and contracting in the managed care setting.
Three Basic Elements of a Contract
The entire U.S. economy is based on "the freedom of individuals to contract and a system of law that enforces contracts freely entered into." (Oilek, 2011) A contract is defined as "a voluntary, deliberate and legally binding agreement between two or competent parties. Contracts are usually written but may be spoken or implied, and generally have to do with employment, sale or lease, or tenancy." (Business Directory, 2011) There are three very basic and very essential elements to a contract that is legal and enforceable. Those three basic elements are stated to be the following:
(1) The offer;
(2) Consideration for the exchange (or payment); and (3) Acceptance. (Oilek, 2011)
It is not necessary for legal jargon to be used in the formation of a contract and no specific words are required to be used. There must only be as previously stated "an offer...
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