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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Top Contract Management Trends Impacting Healthcare

Earlier this year, we discussed some contract management trends that affect company operations and culture. As a new year approaches, how will contract management trends continue and develop, and what do they mean for the healthcare industry? 

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Healthcare Contract Security Is More Important Than You Think

Companies have a duty to protect their data, as well as any employee and client data with which they have been entrusted. Obviously, employment records contain sensitive details about individuals, and thus employment contracts and other related documents must be safeguarded. However, in addition to general employment records, many companies offer their employees health insurance, which also necessitates detailed paperwork. In some cases, companies may have healthcare-related contracts with firms better equipped to oversee these employee plans. Of course, other companies may have other types of healthcare-related contractsbased on their areas of expertise or industry involvement. Regardless of the type of healthcare information that a company has on hand or the reasons for entering into healthcare contracts, it is critical to ensure that any such data is vigilantly protected. Here is why healthcare data and contract security is more important than ever:

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How to Understand Your Hospital Contracts With Custom Reports

Hospitals enter into tons of contracts with individuals, groups, entities, and even government agencies for all sorts of reasons. Managing a portfolio of this size and scope can be quite challenging, especially without the use of a comprehensive contract management solution. Of course, it is highly unlikely that a hospital contract management team relies on spreadsheets alone. But, not all contract management solutions are created equally. It is important to invest in one with robust security standards and features that facilitate oversight, particularly a reporting tool. Here is how custom reports can help with understanding a hospital's contracts:

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How to Draft More Durable Healthcare Contracts

The healthcare industry is subject to a hefty number of rules and regulations at all levels of government. In addition, these laws are susceptible to repeal or revision any time there is a change in governance. This can make it difficult for some companies involved in a healthcare-related business to plan for the future. This hesitancy or uncertainty may impact whether and how contracts are drafted and can end up requiring additional negotiations, amendments, addenda, or even rescissions. With these potential issues in mind, here are some things to consider in order to draft more durable healthcare contracts:

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How to Use Healthcare Contract Management For Compliance

For the past few years, the healthcare industry has dealt with growing state and federal regulations by increasing compliance budgets and staffing. And as demands accrue for greater accuracy, privacy, and patient data security healthcare organizations are carefully considering ways to improve compliance.

One area of ongoing concern for healthcare organizations is contract management. Contracts are required for many aspects of business, but a Journal of Contract Management report found that over 70 percent of companies can't find 10 percent or more of their signed contracts. This alarming statistic should give any management team pause, but the issue is particularly sensitive for the healthcare industry. Lost contracts can lead to serious breaches of privacy, duplications and administrative errors resulting in penalties for the organization.

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How to Address These Major Healthcare Compliance Concerns

The healthcare industry is a beast. It generates billions of dollars, but costs continue to skyrocket. With the passage of the Affordable Care Act, millions of previously uninsured Americans gained access to healthcare, and that expansion meant even more rules and regulations for hospitals and healthcare institutions to understand and follow. Healthcare compliance has always been a bit complicated, and this massive revision to the law has added to that. Here are some of the major healthcare compliance concerns and ways for companies to address them:

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Contract Management Lessons from the UCLA Healthcare Data Breach

The list of high-profile data breaches keeps on growing. It seems that no one is immune from a potential attack these days, as companies in the retail, entertainment, and healthcare sectors have been hit, as well as government offices. The latest headline-grabbing breach involving the UCLA Health System is shocking and rather unfortunate considering that the lack of strict security protocols were to blame, at least in part, for the hackers’ successful invasion. This latest breach offers some important lessons for companies entrusted with the safekeeping of sensitive and/or confidential data. Security measures around contract management aren't often as stringent as those around storing other types of company data. Due to the confidential information contained in employee contracts, supplier contracts, and virtually every other type of contract, it is imperative that those responsible for contract management take heed and implement basic security measures. 

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