Contract Insights

The decision to “build or buy” contract management software in the healthcare industry is a huge step in the process towards greater organizational efficiency.  Decision makers for hospitals, medical centers, and health plans must make this choice for a wide variety of software types including but not limited to: contract management software, billing and invoicing software, customer relationship management software, human resources software, or identity management software. 

In the business world, every professional is aware of what “workflow” is. Contract approval workflow, from the outside looking in, is just a giant chart of approvals and signatures that makes us all wonder, “Is all of this really necessary?” Of course, workflows are essential to keeping the buoyancy in every organization around the world. Processes must be followed in order to keep consistent, optimal production levels.

Oftentimes, large companies in highly-regulated industries such as healthcare organizations and public (government) agencies have strict guidelines that they are obligated to follow in order to monitor their contracts for compliance. Some of these include:

Electronic signatures have been legally equivalent to handwritten signatures since Congress passed the ESIGN (Electronic Signatures in Global and National Commerce) Act in 2000.  With advances in encryption technologies, and the growing prevalence of the electronic marketplace, e-signatures are safer and more convenient than ever. 

The cynics of the past focused the argument around what electronic signatures were missing to be as acceptable as traditional signatures.  The debate has shifted to what efficiencies your organization is missing by not utilizing electronic signatures.