Contract lifecycle management is a major player in optimizing productivity, decreasing costs and streamlining business operations. A web-based comprehensive contract lifecycle management solution can reduce stress among healthcare professionals involved in creating, negotiating and managing contracts with business associates, vendors, contractors, insurers, payers, medical staff, and employees. It can also eliminate the administrative burden and operational costs associated with paper chasing.
Spending huge amounts of time chasing colleagues and key stakeholders to review contracts so the next person in the review sequence can get their hands on that contract that is circulating through the review process is not a good use of anyone’s time. Having limited visibility into where a contract is within the review process can hamper the ability to meet deadlines resulting in lost opportunity. Contract lifecycle management doesn’t have to be complex and time-consuming.
Who doesn’t love automation? Streamlining and standardizing the workflows associated with contracts significantly improves productivity and operational efficiencies freeing up time and resources. Reducing manual workloads adds consistency to the entire contract management process. Automatic email alerts and notifications help keep everyone on task at each phase of the contract lifecycle.
By automating the entire contract lifecycle management solution, healthcare organizations can stop overpayments, avoid missing renewal dates and dramatically reduce overall costs. Optimizing the entire process provides the following key advantages:
Streamlining the entire contract lifecycle process enterprise-wide
Allows procurement, contract, and supply chain professionals to leverage negotiating power. Standardizing on one web-based solution that fosters collaborative workflows enables all business units and key stakeholders to be informed and aware of contracts that are being created, in negotiations, coming up for renewal or archived.
Easily find contracts and supporting documents in one digital repository
Eliminate the need to dig through piles of paper and/or search through multiple filing cabinets by creating a single online repository that can be easily searched. Staff can use Google-like advanced keyword search capabilities to quickly locate contracts and supporting documents such as NDAs, MOUs, Addendums, etc. Saving everyone significant amounts of time and effort.
Ability to capture legally binding electronic signatures
Simplify the contract signing process with e-signatures. Eliminate the frustration of waiting for handwritten signatures. With e-signatures, signers can insert and easily place their electronic signature into the contract from anywhere at anytime.
Interoperability with other enterprise-wide transactional systems & contract management processes
Drives insightful, efficient processes. Improves visibility and oversight into enterprise resource planning, e-procurement, policies and procedures, vendor assessment and credentialing solutions for compliance, governance, and performance.
Be in the Know with Custom Reporting
Easily conduct financial risk assessments and evaluate contract performance. Run reports in minutes that provide a myriad of information including a complete list of contracts for a specific supplier, all contracts with a specific clause or risk, or a report on contractual obligations, operational and financial performance. Automation enables you to have complete visibility into all contracts including the ability to quickly access and analyze contractual obligations.
With so many advantages, what’s not to love about web-based contract lifecycle management. Don’t be caught chasing down paper-based contracts or not being aware of upcoming contract renewal dates again. Invest wisely in an automated platform that provides complete visibility into every stage of the contract lifecycle and enables you to easily meet evolving compliance and reporting requirements.
To learn more about the advantages of contract lifecycle management for healthcare and how to take control of healthcare contracts, watch our on-demand webinar to hear how LCMC Health saved thousands of dollars by centralizing and standardizing contract lifecycle management.