Improving Healthcare Contract Management Effectiveness and Efficiency

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 manual contract management processes exposing your company to unnecessary risk or making it difficult to keep up with compliance requirements? If any of these sound familiar, it may be time to consider implementing contract management software.

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ContractWorks Case Study: Catholic Health Services

Healthcare companies are responsible for managing many types of corporate agreements, including contracts with their physicians and caretakers, service providers, equipment vendors, building owners, and others. For organizations that employ hundreds of doctors and nurses and care for thousands of patients across dozens of facilities, it’s easy to see how details of a specific contract could be overlooked or an individual contract could get hung up in the approval process sitting in a stack of papers on an executive’s desk.

Having the appropriate contract management tools in place is critical for any company managing a large volume of corporate documents, but especially so for those companies operating in a heavily regulated industry like healthcare. Missing one deadline or losing track of the status of a single physician agreement simply can’t happen.

Here's a look at how Catholic Health Services uses ContractWorks to effectively manage their contracts:

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Hospital Contract Management: 3 Ways to Ensure Compliance

While the ability to effectively manage contracts and keep up with all contractual obligations is important for any business, it is paramount for hospitals, which are faced with a number of compliance regulations designed to best protect patients’ health and interests.

Though the primary function of a hospital may be to administer patient care, just like any other business, hospitals routinely deal with a high volume of different types of contracts affecting every aspect of how they run. These include agreements with the doctors who work out of their facility, contracts with medical equipment and pharmaceutical vendors, and things like IT service agreements, even though they may not seem directly tied to the delivery of patient care.

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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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