Healthcare contract management relying on manual processes can reduce efficiency for healthcare contract stakeholders, decrease revenue, and increase liability – among other things. Contract lifecycle management bottlenecks can decrease the efficiency of resources, compromise contract security, and disorganize crucial data. Read on to learn how to leverage six healthcare contract management software tools for stronger contracts.
What is a Healthcare Contract?
A healthcare contract forms a binding agreement between consenting counterparties – such as healthcare providers, managed care organizations (MCOs), pharmaceutical companies, patients, hospitals, vendors, and employees. A healthcare contract details the responsibilities and roles of each counterparty and their adherence to state and federal laws. A healthcare contract without the necessary components can leave counterparties in a compromised state.
What is Healthcare Contract Management?
Effective healthcare contract management centralizes counterparties and end-to-end contract lifecycle management processes from contract requests to renewals, including electronic signing, in a streamlined digital system. Healthcare contract management relying on divorced processes – such as spreadsheets and wet signatures – can decrease contract management efficiency, increase undue risk factors, and leave your healthcare organization in a compromised state.
Discover how electronic signatures can expedite your healthcare CLM processes in the video below.
Healthcare Contract Management Software
Healthcare contract management software centralizes processes, technology, and people within a comprehensive platform that empowers healthcare contract managers with the necessary CLM tools. Without healthcare contract management software, healthcare professionals can be overwhelmed by manually attempting to coordinate the various contract lifecycle management processes from varying locations - such as from shared drives, filing cabinets, and emails.
Tool #1 – Full Contract Lifecycle Management
Without full contract lifecycle management, healthcare contract management professionals can find themselves in disarray. Fortunately, leading-edge source to contract lifecycle management (CLM) software can centralize the entirety of CLM processes from requests to renewals – including eSourcing, vendor management, automated contract requests, intelligent contract writing, online contract negotiations, electronic approvals, eSignatures, and robust post-execution contract tracking tools.
Tool #2 – A Secure Contract Repository
Healthcare organizations relying on shared drives, filing cabinets, and other risky contract repositories can leave their contracts in a vulnerable state. Thankfully a leading-edge healthcare CLM software provider that is SOC 1, SOC 2, and Privacy Shield compliant can help securely and digitally centralize healthcare contract storage – helping to reduce risk and maintain trust with counterparties, including vendors.
Tool #3 - Intelligent Workflow Automation
Overseeing each stage of healthcare contract management can prove overwhelming without the right automation features. Luckily, AI-based healthcare contract management software with intelligent contract workflow automation can reduce bottlenecks by helping automate contract collaboration, negotiations, approvals, audit trails, milestones, compliance, key dates, and other CLM processes – empowering healthcare contract managers to focus more on contract performance management.
Tool #4 – Searching & Tracking Oversight
Searching and tracking oversight in healthcare contract management without leveraging a leading CLM tool can prove challenging and time-consuming. Thankfully, reputable contract management software can equip healthcare contract managers with robust reporting, contract analytics, and financials tracking. Contract managers can assess detailed audit trails, contract spend against allotted budgets, employee task performance, vendor line items, and more.
Tool #5 - Contract Management Reports
Contract management reports requiring healthcare professionals to pull data from varying locations can prove highly tedious. Luckily, leading-edge healthcare CLM software allows healthcare contract managers to leverage robust ad hoc reports to report on virtually all data points – including financial commitments, contract performance, and key dates – in executive graphical dashboards that can be exported to multiple file formats.
Tool #6 - Compliance Oversight
Compliance oversight can prove highly challenging for healthcare contract managers when manually assessing contract compliance against changing standards. Thankfully, healthcare contract managers can leverage a future-minded contract auditing tool to track ranging compliance standards – including HIPAA and OFAC– to manage risk variables in record-time. This can prove advantageous when assessing vendors and employees against OFAC’s national sanctions list.
Stronger Healthcare Contract Management with CobbleStone Contract Insight®
Strengthen your healthcare contract management processes with an end-to-end, seamlessly integrated healthcare contract lifecycle management software solution. With such low friction and scalable functionalities, CobbleStone Contract Insight can grant you unparalleled healthcare CLM oversight – leaving you with more time to focus on your contract management strategy. Holistic healthcare contract lifecycle management begins and ends with CobbleStone Contract Insight.
Discover why Forrester names CobbleStone a Leader in CLM Software in the video below.
CobbleStone’s trusted, award-winning, fully integrated healthcare contract management software streamlines contract management processes with optimal governance, reduced friction, and high flexibility. CobbleStone Software has been a visionary developer in healthcare contract lifecycle management software for over 20 years. CobbleStone’s user-friendly, robust, and scalable solution seamlessly integrates with mission-critical applications - including MS Word and MS Outlook - for unified and seamless contract management with integrated eSourcing and vendor management software tools.
Discover why thousands of contract managers trust CobbleStone Software with their contract management needs. To learn more about CobbleStone’s unparalleled healthcare CLM software, book a free demo with a CobbleStone Contract Insight expert today!
Are you interested in future-minded contract lifecycle management software tools? Learn how to leverage industry-leading CLM software tools for streamlined, user-friendly, and low-friction contract lifecycle management success in the video below!