Contract Management for Healthcare

Contract Lifecycle Management Software for the 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 artificial intelligence based contract management Software for healthcare organizations will ensure easy contract authoring, generate real-time visibility into contracts such as Business Associate Agreements even at clause level, and drive compliance throughout the lifecycle. As a compliance and risk officer, you can thus 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 large number of varied contract types like physician & non-physician employment agreements, vendor contracts, equipment leasing & service contracts, pharmacy & research agreements, managed care, etc.

Containing costs for clients while staying in compliance with ever-evolving government regulations like HIPAA, HITECH, Stark, False Claims, Joint Commission (JACHO), etc. is a major challenge this industry faces. Moreover, strict privacy policies owing to sensitive information related to health, medical treatments and payments, as well as the insurmountable paperwork are all issues that need immediate attention in order to stay compliant and competitive.

CLM Solutions for Healthcare

Ultria CLM—Healthcare Contract Management Software—enables healthcare organizations to streamline all contracting processes, reduce risks, and design a better compliance management framework.

  • Create and e-sign personalized Business Associate Agreements (BAAs) “hands-free”
  • Track data comprehensively 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, e.g., civil and criminal penalties 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

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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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