In healthcare contracting, what does it mean to resolve disputes through arbitration?

In healthcare contracting, resolving disputes through arbitration involves a process governed by a neutral third party. This third party, often referred to as an arbitrator, listens to both sides of the dispute and makes a decision that is typically binding on the parties involved. Unlike court proceedings, arbitration is usually more informal and allows for a quicker resolution to conflicts.

This method is advantageous in the healthcare sector as it can save time and resources compared to lengthy court battles. Additionally, the arbitration process often allows the parties to select an arbitrator with specific expertise related to their dispute, ensuring that the resolution is informed by relevant knowledge and experience.

The other answer choices do not accurately capture the essence of arbitration. For instance, resolving disputes through arbitration is not based on a finder's fee, it is generally binding, and it is explicitly separate from court resolution methods, which often involve public proceedings and legal representation. Thus, the focus on a neutral third party's decision is the fundamental characteristic of arbitration in this context.