5 Ways to Make Your Healthcare Contract Management Software More Efficient

Healthcare organizations are often tasked with the management of millions of contracts, including agreements between patients, physicians, and IT and other departments within their organizations. Additionally, healthcare providers also often have contracts that involve third parties, including insurers, medical equipment vendors, and other healthcare providers. What’s more, while managing a contract portfolio of this size is a gargantuan task in any sector, contract management within the healthcare industry poses unique challenges due to compliance requirements related to the highly sensitive nature of personal information contained within some types of agreements.

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Contract Administration Process: 5 Signs You Need to Optimize Yours

With contract portfolios for large companies extending into the tens and even hundreds of thousands of documents, effective contract administration is predicated on an organized, proactive approach. But even if your contract administration process seems to be working reasonably well, putting some thought into how to further optimize it further can reap significant benefits: according to the International Association of Contract and Commercial Management, more effective contract management processes can help companies grow profitability by nearly 10 percent annually.

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Tough Challenges That a Contract Manager Faces Everyday

Contract managers play a vital role in countless corporate functions. More than just the vanguards of company contracts, contract managers must often work across teams and business lines to draft and negotiate agreements, monitor and evaluate contract performance, and keep track of crucial milestones and countless other functions.

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Best Contract Management Software: Tips for Evaluating and Implementing

In a recent survey, 92 percent of federal contracting professionals agreed that effective contract management is vital to their organization’s success. At the same time, 40 percent reported that their organization’s contract management policies are either not consistently applied, not documented or are nonexistent. Six in 10 respondents also reported using Microsoft Excel to manage contracts – a manual solution that lacks vital features for improving the security and efficiency of contract management.

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A Guide for Preparing a Contract Administration Plan

A detailed contract administration plan or (CAP) can help to maximize the chances of a successful contract and reduce friction and disagreements from the start. 

That's why we have created this guide to help you determine exactly what items to include in your CAP and how to discuss them at a contract kick-off meeting. Specifically, the guide reviews:

  • What you should review in your CAP
  • How to set up a contract kick-off meeting
  • Steps to take following the kick-off meeting
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5 Tips for Understanding A Request for Proposal (RFP) for a Contract Bid

Companies actively engaged in the contracting process must become familiar with requests for proposal (RFP), as many businesses and particularly government agencies utilize these documents to solicit contracting partners. The key to winning many government contracts, which can prove to be quite lucrative especially for smaller businesses, is putting together a strong response to an agency’s RFP. Here are some tips for understanding a typical RFP for a contract bid:

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5 Top Contract Terms to Know

Contracting is one of those necessary albeit rather pesky aspects of running a business. The contracting process can be a seemingly never-ending cycle of negotiating, drafting, and re-negotiating, and the ongoing management of a company’s contract portfolio requires constant oversight. Granted, there are some one time contracts that are quickly executed and perfectly performed, but those are likely the exception rather than the rule. One of the reasons that contracts even exist is to help ensure that parties perform as stipulated and to provide for recourse in the all too likely event that something does go wrong. Although there is a growing movement to rely on outcome-oriented contracts, the primary focus during negotiations and drafting continues to be risk mitigation and allocation. For this reason, here are five contract terms business leaders must know:

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Key Elements of Effective Contract Management Training

Making the decision to switch to contract management software to manage your organization’s needs can be an exciting prospect for teams tasked with organizing, storing and tracking countless agreements across numerous departments throughout the contract management lifecycle.

But the success of your new contract management software – or any new enterprise software solution, for that matter – lies in how well stakeholders know how to use it. In fact, lack of training has been identified as one of the key reasons new technologies and software fail within organizations. Meanwhile, a thoughtfully-designed training plan is significantly associated with positive outcomes, including positive attitudes about the switch and higher compliance rates. 

As you plan for the implementation of your new contract management software, don’t overlook this vital step. But just as you’d be unlikely to embark on any other corporate initiative without a little thought ahead of time about what you’d like to achieve, it’s also important to put some thought and planning into how you approach training.

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How to Use KPIs for Successful Contract Management

The only way to ensure that your legal team is operating efficiently is to establish clear goals, along with key performance indicators (KPIs) to determine whether those goals are being met. This is true regardless of which facet of the business you are seeking to manage.

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Best Practices in Contract Management: Are You Using Them? 

Is your organization committed to adopting contract management best practices? Evaluate how well your company upholds the following standards, and you may find areas to develop more effective processes that lead to improved contract outcomes.

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