ContractWorks Introduces a Fresh Look with Added Functionality

At ContractWorks we value our client’s feedback and work hard to ensure our software remains a leader in ease-of-use and adoptability. That’s why we have updated the look and feel of our product to make it more intuitive than ever before, and added functionality to further streamline the work process. Here’s what users can expect from our latest update:

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The Top Myths About Adopting Contract Management Software

While contract management software helps businesses of all sizes manage corporate agreements more effectively, there are still companies that are hesitant to seriously consider a solution. A few common misconceptions about adopting a contract management solution cause some teams to shy away from software, but these are primarily based on outdated information or a bad experience with one provider, highlighting the need for greater discussion.

If you’re struggling to manage your contracts effectively, but haven’t looked into solutions to help improve the situation, it may be because one or more contract management software myths are getting in the way. Here are four myths about adopting contract management software and the reality that might change your views. 

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An Introduction to Online Contract Management

Anyone who relies on a manual contract management process knows the struggles and frustrations that come with it. If this is the case for you and your team, you’ve likely run into one or more of the following situations that hampered your ability to do your job:

  • You can’t find or access a specific contract 

  • You don’t have the contract information needed to make timely, informed decisions

  • You spend an inordinate amount of time working through tedious, time-consuming contract tasks, which prevents you from focusing on more valuable business activity 

Moving to an online contract management process can help you address all of these common challenges and more. Below is an introduction to online contract management and step-by-step tips to help you get started.

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Comparing Contract Management and Matter Management

Corporate legal departments are always looking for opportunities to reduce legal spending and are bringing more responsibilities in-house as a result. While this can often help control spending and minimizes a legal team’s reliance on outside services, it also creates more internal processes and tasks that need to be managed efficiently so members of the legal department can continue to focus on higher value initiatives.

To help streamline these tasks and responsibilities, teams are turning to software solutions that are designed to ease the burden of managing various legal department activities, including contract management and matter management.

This blog takes a closer look at contract management and matter management and how software solutions help legal departments accomplish these tasks more effectively.

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New Ebook: Online Contract Management 101

Online contract management. What is it? Who needs it? And how can it help you prepare for unexpected business challenges?

For a business to thrive, you must have tools and processes in place that enable your legal, finance, and business teams to meet goals and objectives efficiently, but also allow you to adapt to unforeseeable circumstances. When it comes to contract management, that means having a system that allows you to access corporate agreements at all times whether your team is in one office, working from home, or spread around the world.

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What General Counsel Expect from Contract Management

Legal teams, contract managers, and anyone else involved with the management and oversight of corporate agreements should know how to measure success and be able to make improvements when needed. One important part of this challenge is having a clear understanding of what is expected of you and what various stakeholders care about in the contract management process.

Of course every business is different and not every CFO or General Counsel is concerned with the same things, but there are some common trends and assumptions that can help shape your priorities when managing your contract portfolio. 

General Counsel will almost always have a strong interest in the way contracts are managed, and want those involved with the day-to-day management of agreements to keep a close eye on things like contract risk, visibility, and more. This article explores four things General Counsel expect from a successful contract management process.

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3 Ways to Automate Your Contract Management Process

Successfully managing corporate agreements throughout the contract lifecycle requires great attention to detail, patience, and discipline. It also takes a lot of time.

That’s why legal teams, contract managers, and others who regularly work with contracts search for any opportunities to streamline various parts of the contract management process, and introduce automation when possible.

Whether you are responsible for 30 contracts, 300, or 3,000, there are steps you can take to manage these important documents more efficiently, so you can free up time to work on other tasks and business initiatives. Here are three ways to automate your contract management process.

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5 Tips for Managing Healthcare Payer Contracts

Healthcare payer contracts are often complex, complicated documents, and can create major challenges for healthcare providers if not closely managed and monitored. They define the ways healthcare providers are reimbursed for delivering services to patients who are covered by particular health plans, encompassing everything from provider networks and reimbursement rates to provider credentialing and medical necessity. 

Due to the challenges of keeping up with these agreements and developing a thorough understanding of the various terms and details, healthcare providers often miss deadlines to file claims and fail to meet conditions for timely reimbursement. This can contribute to providers not receiving all reimbursement payments and making miscalculations regarding revenue streams, which can adversely impact your bottom line. 

This is why it’s critical for hospital and practice administrators to fully understand payer contracts to ensure your organization is properly reimbursed for services without having to spend extra time chasing down payers. The following five tips can help you put a plan in place to effectively manage healthcare payer contracts.

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ContractWorks Lauded for Ease of Use, Customer Support

ContractWorks prides itself on providing innovative contract management software that is straightforward, easy to use, and backed by a knowledgeable team of product experts available around the clock to answer questions and provide support. Our team constantly works with customers and potential users to understand their biggest contract management challenges and needs to design a product that makes a difference in the way people work.

We are proud to share that ContractWorks has again been recognized by a number of trusted software review sites as a leader in the contract management software market, based on the ratings and reviews from people who use our software on a daily basis. 

Below are some of the recent accolades ContractWorks has earned on review sites like G2, Crozdesk, and FeaturedCustomers.

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Optimize Your Supply Chain with Contract Management Software

Effectively managing your supply chain is hard work. Between keeping track of vendor performance and obligations, developing processes and procedures to reduce risks, and looking for opportunities to operate more efficiently, there are a lot of moving pieces that supply chain teams have to account for on a regular basis. Finding the right set of tools and solutions to make this process more manageable is one of the biggest keys to success.

Contract management software is one solution that can help you improve supply chain performance and the way you work with both internal partners and outside suppliers and vendors. Here are some of the ways contract management software can help you optimize your supply chain.

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