Maintaining compliance can be difficult. Even more so when you don’t have all the information you should. Contract management, for example, is often looked at as simple paper pushing and filing, but seldom is it considered as a tool for compliance. A part of achieving compliance is looking for opportunities from all corners, including the ones you least expect. Here are 3 ways contract management can improve healthcare compliance.
Contract management software in its humblest form will provide your organization with a centralized repository to store all your documents. Having such a tool provides you with the ability to pull up and reference an agreement or complete a review anytime you want, wherever you want.
This means during an audit you can search and pull up any information you need. What’s more, by having a centralized repository, you now have a birdseye view of what your organization has and what gaps need to be filled. Giving you the unique opportunity to rectify or provide auditors with proof that you’re working on improving your current program.
A contract management system will also provide alerts notifying you of key dates, tasks and contract milestones. These alerts can be used to remind you to make or receive payments, complete appropriate reviews and complete assigned. These alerts, when worked into your workflow ensures contracts are always up-to-date and are compliance ready.
Proper contract management can also help enhance the security of your contracts. This is achieved by providing access only to those who have the appropriate authority to do so. Furthermore, audit trails
Too often contract management is seen as pushing papers, and rarely is it looked at as a tool to help organizations meet compliance. When it comes to contract management there’s more than meets the eye, and it’s important to include them in our compliance efforts. Creating a positive compliance culture at your organization is part of the process, as it ensures everyone is invested in meeting and preserving efforts and will leave no stone unturned.
Discover more ways healthcare contract management can improve your business, save money, and give you greater ROI, read our case study on LCMC Health: