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3 Ways Contract Management Can Improve Healthcare Compliance
As a software solution provider with over a decade of experience in the healthcare space, our sales and marketing teams are always communicating with senior leadership groups, as well as, key decision makers at hospitals including the CEOs, CFOs and CNOs. These are typically the executives at hospitals, or healthcare systems, who are responsible for decisions to help make a company more profitable, as well as, making sure that employees are happy. The leadership teams at hospitals often have their plates full, with many different tasks and responsibilities. The goals for management can be widely varied, depending on the size of the hospital or healthcare system, past financial performance, state regulations, and patient satisfaction levels.
Leadership Team’s Key Focus Areas Relating To Policy Management Software
From our experience working with many executives in the healthcare space, here are some of the key areas of focus that we have heard from leadership teams:
- Improving quality and delivery of comprehensive healthcare, through patient and physician engagement strategies,
- Creating better outcomes for the patient through improved patient care,
- Lowering costs without sacrificing patient engagement, and keeping those costs under control through value based purchasing,
- In many cases, overseeing the successful construction or hospital expansion projects, as well as, partnership and merger opportunities,
- Ensuring compliance with regulatory requirements.
There are many more that we could add to the list above, which hospital leadership teams must account for, however these seem to be the recurring statements that we hear from our partners and clients across North America.
How does this relate to policy management software?
With the many different types of technology providers in the healthcare industry, such as Learning Management and EMR software, the choices can often be overwhelming with the number of vendors who market their solutions to healthcare organizations. Executives are looking for a solution that will make it easier for their employees and a document management software platform that will provide a return on investment. Pricing and other costs are a major factor in the decision making process, but there are other very important questions that we often come across. For example:
- Does the solution allow for scalability?
- What is the company’s reputation, and are they healthcare focused?
- What is their client base?
- What is the overall consensus from the managers and directors at the hospital who will be using the software on a daily basis?
Policy Management Software And Its ROI
At PolicyMedical, we try to make the decision making process easier by providing valuable resources on our website, such as best practices in document management and tips and tricks to implementing new policy management software. We have helped clients build business cases and assisted with ROI calculations to prove the value of our PolicyManager™ software. Our continuous efforts to learn from our clients have helped us in developing research material. For example, we have learned that policy management software has the following ROI:
- 60-80% in time savings. Rather than wasting time searching for the most up to date policies through binders or shared drives, employees can now focus their attention on quality improvement and delivering care to patients.
- 600% improvement in compliance of policies and procedures by staff. Attestations within our PolicyManager™ software allow clients to select documents that require acknowledgement of being read by end users including nursing staff. This helps ensure that documents are being read by your staff, and can put into place the new policies, procedures, protocols, to deliver quality care to patients.
- 90% reduction in cost savings. Cloud based software does not require purchasing additional hardware requirements. Minimal IT costs since all maintenance and updating of software is managed by the software vendor.
Not only does policy management software have a significant impact on cost savings and provide a return on investment, but having all of your healthcare documents centralized in one location make it much easier for staff to find the most recent and relevant policies or procedures. Policy management software will also allow hospitals to improve the workflow for the management of these types of documents, and a system like PolicyManager™ has many features and functionality to help streamline the approval path and even allow healthcare organizations to crosswalk their policies to the appropriate regulation or standard. However, we realize that our solutions may not always be the perfect fit for every facility, and that another vendor’s offering may be a better suit. Regardless, we are more than happy to clarify any confusion and help you come to the right conclusion, even if it means another vendor is the better option. To learn more about how we’ve been help healthcare organizations with their document management needs, please contact us, or request an online demonstration.
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