Contract Management for Healthcare

Contract Lifecycle Management for Healthcare Industry

Increased scrutiny by compliance regulations such as HIPAA (Health Insurance Portability and Accountability Act) for the healthcare industry warrant the need for well-defined operating procedures. Automated AI-based contract management software for healthcare organizations will ensure easy contract authoring.

It will generate real-time visibility into Business Associate Agreements at the clause level, and drive compliance throughout the lifecycle. A compliance and risk officer can focus on doing the right things rather than grapple with paper, image, or even MS Word-based contracts.

Contract Management Challenges in Healthcare

Health care providers today must deal in a large number of varied contract types. Physician & non-physician employment agreements, vendor contracts, equipment leasing & service contracts, pharmacy & research agreements, managed care, etc., are the various types.

This industry faces major challenges, like containing costs for clients. They have to comply with evolving government regulations like HIPAA, HITECH, Stark, False Claims, and Joint Commission (JACHO). Strict privacy policies are sensitive to health, medical treatments and payments, and complex paperwork. These issues need immediate attention to stay compliant and competitive.

CLM Solutions for Healthcare

Ultria CLM, Healthcare Contract Management Software, streamlines contracting processes in healthcare organizations. It reduces risks and designs a better compliance management framework.

  • Create and e-sign personalized Business Associate Agreements (BAAs) “hands-free”
  • Track data to ensure all compliance documents such as those for Health Insurance Portability and Accountability Act (HIPAA) are valid
  • Ensure invoice compliance for providers and practitioners to feed into balanced scorecards to reduce overcharging
  • Track milestones and ensure enforcement of penalty clauses (civil and criminal) for the BAAs in case of violation of HIPAA, False Claims Act, etc.
  • Maintain an audit trail for all the changes made to a contract
  • Establish standardized workflows with multiple reviewers and approvers, as required
  • Generate reports to increase transparency and accountability
  • Store and manage contracts and compliance documents within a searchable and secure repository

Other Useful Resources

June 4, 2021

Contract Lifecycle Management 101 Efficient Contracting with Speed and Control

CONTRACT LIFECYCLE MANAGEMENT 101 EFFICIENT CONTRACTING WITH SPEED AND CONTROL A McKinsey Global Survey of business executives found that organizations accelerated the digitization of their customer and supply chain interactions…
May 17, 2021

Guide to Post-award Contract Compliance – How a CLM Can Keep you in Check

Adhering to laws and government regulations, and monitoring compliance has evolved into a major concern for enterprises in recent years. It’s imperative to stay compliant, and failing to adhere can…
May 7, 2021

Post-award Contract Compliance – How a CLM Can Keep you in Check

Post-award Contract Compliance – How a CLM Can Keep you in Check Contract compliance can make or break an organization. Businesses cannot afford to overlook it, as the consequences can…
May 7, 2021

Case Study: Global Biotechnology Company Leverages Ultria Contract Management

Location – United States Use Cases – Contract Request and Authoring Contract Negotiation and Review Contract Repository Custom Reporting Customer’s legal team, a mix of in-house and outside counsels was…

Using Orbit to provide "rails" to keep our business users in compliance while also streamlining the agreement review request process gives us both the speed the business unit leaders are asking for as well as the controls that we insist on.

Manager Contract Operations - F100 Services Company

Ultria's Integrating of Natural Language Processing with Optical Character Recognition increases the quality of the conversion result and really helps the AI perform at its best.

Director of Legal Operations - F100 High Tech Manufacturer

By using Orbit AI's Machine Learning we can train Orbit to find and extract the information we need for compliance and risk analysis.

Director, Risk, F250 Energy Company

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