Healthcare organizations and large health systems face ever-thinning margins and an industry-wide move away from fee-for-service contracting models to complex, value-based contracting models and reimbursement structures. Most of these organizations still take a manual approach to managing hundreds to thousands of payer contracts, provider contracts, vendor contracts, and more.
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Managing contracts is something that almost all industries do daily. A single company can have contracts in place for a variety of reasons which could include facilities, personnel, clients, the real estate they operate in, and so much more. Whatever the case may be, these contracts have their own stages and lifecycles that are important to stay aware of through their duration of activity.
It’s hard to imagine, with today’s advances in technology, that there was a time where manual contract management was the standard process at most organizations. Hard copies were stored in filing cabinets and some contract administrator or designated personnel had to make a conscious effort to check in on these records and ensure things were running smoothly.