The Importance of Contract Management for Healthcare Compliance

As every healthcare company knows, the repercussions of not remaining compliant with industry regulations are severe. In August of 2018, William Beaumont Hospital, a regional hospital system based in the Detroit, Michigan area, paid $84.5 million to settle alleged violations of the Stark Law (also known as the Physician Self-Referral Law) and Anti-Kickback Statute in connection with “sweetheart deals” benefitting referring physicians.

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Meet Curtis Worden, Sales Development Representative at ContractWorks

At ContractWorks, our employees come from a variety of experiences and backgrounds, each with a unique set of skills and talents that align with our overall mission of providing simple, smart document management solutions.

We’re proud of the team we’ve assembled, and we think it’s about time you get to know the people that are innovative, agile, and committed to fulfilling the needs of our customers.

This month we’re catching up with Curtis Worden, a Sales Development Representative at ContractWorks. With previous experience in sales and teaching abroad, Curtis brings a unique skillset to the ContractWorks team.

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How to Solve the Problem of a Poor Contract Management Policy

Spend a little time reading up on contract management and you’ll undoubtedly come across this stat: good contract management can improve corporate profitability by nine percent of annual revenues. Flipped the other way, this figure, as reported by the International Association for Contract and Commercial Management, shows that poor contract management is costing companies significantly every year.

How can poor contract management erode company revenues and profits? There are numerous things that can occur throughout the contract lifecycle that can reduce value in big ways and small:

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Are Legal Departments Asking the Wrong Questions About Artificial Intelligence?

When it comes to implementing new technology, it’s often tempting to ignore the practical applications of the technology or determine if it actually addresses relevant challenges and focus only on the bells and whistles. Rather than asking, “What is our AI strategy?”, legal departments evaluating the potential upside of AI-based tools should consider the core challenges their legal teams face when managing the lifecycle of corporate contracts. 

There are certainly plenty of ways that AI tools can benefit your contract management process, especially for businesses dealing with a large volume of contracts, but it’s always best to evaluate your challenges and identify areas of opportunity before investing too much time into new technology.

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What is Machine Learning and How Does it Apply to Contract Review?

A common problem in contracting is that despite best intentions, contracts often don’t deliver their full intended benefits: according to the Harvard Business Review, enterprises typically lose anywhere from five to 40 percent of the value of any given deal over the course of its lifespan.

Such value erosion can have many culprits: suboptimal and/or inappropriate terms and conditions, failures by one or more parties to abide by their contracted obligations, and the absence of or poor adherence to best practices for contract management are among the common themes that prevent businesses from realizing the full value of their agreements. But technology is providing enterprises with newer and more sophisticated tools than ever before that can help reduce such problems – and eliminate arduous, manual aspects of managing contracts and conducting contract reviews at the same time. One such innovation, machine learning, offers tremendous promise in this regard.

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Meet Tara Naughter, Marketing Campaign Manager at ContractWorks

At ContractWorks, our employees come from a variety of experiences and backgrounds, each with a unique set of skills and talents that align with our overall mission of providing simple, smart document management solutions.

We’re proud of the team we’ve assembled, and we think it’s about time you get to know the people that are innovative, agile, and committed to fulfilling the needs of our customers.

This month we’re catching up with ContractWorks' Marketing Campaign Manager Tara Naughter. With previous experience in graphic design, teaching, and real estate marketing, Tara has an extensive and dynamic background.

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ContractWorks is Heading to the AHLA Annual Meeting in Boston, MA

Later this month, the ContractWorks team is traveling to Boston, MA as a sponsor for the American Health Lawyers Association’s (AHLA) Annual Meeting.

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How Contract Management Software Makes Your Life Easier

Are your contracts scattered across various hard drives, desktops, and cloud locations? Have you ever missed a contract milestone or deadline that forced you into a costly and unnecessary renewal? Are you wasting valuable company time and resources creating manual processes to manage your contracts? If any of these sound familiar, it may be time to consider implementing contract management software.

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Meet Comron Sattari, Chief Architect at ContractWorks

At ContractWorks, our team represents the spirit of our company: innovative, agile, and committed to fulfilling the needs of our customers. Our employees come from a variety of experiences and backgrounds, each with a unique set of skills and talents that align with our overall mission of providing simple, smart document management solutions.

We’re proud of the team we’ve assembled, and we think it’s about time you get to know the people behind ContractWorks.

This month we’re catching up with a member of the founding team at SecureDocs, Inc. and Chief Architect, Comron Sattari.

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The Contract Management Software Implementation Playbook

All that research, all those training seminars, all those phone calls with sales representatives and on-boarding experts It’s no secret choosing the right contract management software for your organization is a long and arduous process. And yet, after all that effort, many organizations falter during the last critical step: implementation.

So how do you avoid the typical setbacks and obstacles that can delay (or even terminate) adoption of your contract management software? It takes knowledge and a straightforward, clearly defined on-boarding strategy.

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