Three reasons why contract health management software can enhance your efficiency

In the management of healthcare organizations,the management of contract related issues cannot be overstated.Healthcare organizations need to address not only the numerous business contractual relationships, but the compliance issues as well. At times, this can become overwhelming. Some of the more common agreements being managed include physician and service agreements as well as addressing the regulatory compliance of HIPAA, Stark and ARRA as well as other state and federal agency regulations. However, the use of hospital contract management software can help you to take your efficiency to greater heights and help assure compliance.

Avoid contract anomalies

If you choose to use reliable healthcare contract management systems, you will be able to reduce the chances of encountering contract anomalies.Enterprise contract management systems allow you to fully configure contract types with the required fields, default values, etc. Having custom definitions to your contract types will help mitigate any anomalies. Many organizations have cover sheets for their contracts which is often the genesis of the fields being defined for the Meta data.

Some systems incorporate a risk engine.The risk engine typically allows you to identify phrases associated with different document types.Whenever you load a new version of a contract, it will automatically check and alert you of a potential problem.Examples of phrases might be auto renewal or penalty clause, etc.It is essentially providing a proof reader of every document that is loaded into the system.

Perhaps the single most important action to eliminate anomalies is to have several eyes viewing and approving any contract. Workflow modules are the perfect tool for defining your processes and forcing the appropriate compliance.

Minimize negative financial impact

As indicated above, a significant number of contract anomalies can have a negative financial impact. Missing important milestone dates or auto renewing a contract that you did not wish to continue can be quite costly. Automatic email notifications and a configurable dashboard provide greater visibility into your contracts.The healthcare industry is a prime example where the demand for hospital contract management software is critical to attaining excellence in the management of your contracts. It is clearly the single most important thing you can do to enhance efficiency in the management of contracts and promote growth in your business. According to PwC, organizations could realize a savings that equal up to 2% of their total annual costs by eliminating inaccuracies and noncompliance through contract automation.

Streamline the signature process

Electronic signatures can dramatically expedite the process when integrated with your contract management system. Typically, the system will allow you to identify as many signers as is required. In addition, you can establish the sequence of the signers. The system should keep you apprised of the status at all times.Once complete, it will establish a signed and live agreement. DocuSign, the leader in electronic signature points out that the system must insure digital security to be accepted.Digital signature is not universally accepted. However, many countries like the U.S., Canada and EU have passed legislation permitting the legal use of electronic signature. As you explore your contract management software alternatives, be sure to include electronic signature.