Nursing home networks face a unique set of challenges around healthcare contract management. Since they are subject to strict laws and regulations, nursing homes need to be vigilant when establishing and maintaining contracts - as to avoid litigation costs, witness depositions, and the frantic retrieval of mismanaged contracts. With disorganized or manual processes, nursing homes increase the risk of lawsuits, misplaced documents, data entry errors, contract lifecycle bottlenecks, damaged reputation, wasted time, and revenue loss. Luckily, contract management software can help nursing home networks establish a seamless contract lifecycle, remain compliant, reduce wasted time, unify and secure documents, efficiently and accurately enter data, and manage contracts with varying complexity and volume. Here’s how.
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.
Organizations across every industry are responsible for tracking, managing, and storing their contracts and agreements with vendors, clients, and partners. For many companies with contracts and committals with vendors, tracking the sourcing of those agreements is essential. Whether agreements with vendors are reached with simple or complicated procurement processes; a software suite with full procurement and contract lifecycle management can be enormously beneficial to any organization.
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.