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How Does a Provider Contract Management Solution Boost Accuracy?
The role of provider contract automation for effective risk mitigation can hardly be overemphasized. Over the last few years, artificial intelligence, machine learning and other powerful cloud-based features have started playing increasingly important roles in an automated contract management solution. It is vital for provider contracts to be precise, accurate, compliant, customizable – and completely free of the errors that often bug manual processes. In this article, we explore the huge impact that a provider contract management solution can have on your organization.
Fully Streamlined Document Management
Today’s contract management (CM) solutions often fall short when it comes to “speaking provider”. The complexity of a provider contract can often be more than what traditional CM solutions can handle. Furthermore, if you are forced to manage provider contracts manually, you are perpetuating a frustratingly time-consuming and problematic process. In a manual environment, there are way too many physical documents and spreadsheets – making human errors and inaccuracies the general norm vs. the exception. A cloud-based, automated contract management solution that understands the provider space is essential in maintaining and achieving optimal levels of uniformity, efficiency and accuracy. All existing contracts can be stored in a digital format on the platform (which serves as a centralized repository). E-contracts from external systems can be imported seamlessly, so contract drafting becomes easier, and contract templates save time and reduce the potential for human error.
The ability to collaborate effectively between departments facilitates clear and credible workflows. Automated contract management tools can be used to track the different stages in the contract lifecycle – right from contract details, to contract status, while alerting the user on contract expiration details and other key date specific data. The focus is squarely on maintaining high accuracy at every stage, and managing all provider contracts in the most efficient manner.
Enhanced Visibility For All Parties
Cutting-edge contract management solutions ensure that every user type has access to the exact information required to complete their task, delivering full transparency into resource, requirement and action items on an ongoing basis. This level of access and usability makes it easier to catch, address, resolve errors (if any), and track contract performance on an ongoing basis.
Enhanced visibility of automated contact management tools plays a big role in doing away with uncertainties in the process – which can ultimately have an adverse impact on contract performance and contract completion rates. With all information available to relevant parties quickly and securely, it becomes easy to keep the contract terms and the compensation calculations in sync at all times.
Managing Scalability & Minimizing Risks with A Contract Management Solution
Utilizing a contract management solution can empower your team with automated, customizable reports that track key data points as they relate to your provider contracts. By making all relevant, updated contract data available (literally) at the fingertips of users, a smart contract management tool provides the analytics and insights needed to effectively minimize contract-related risks.
Enhanced scalability is yet another strong point of a modern contract management solution. Automated mass communication between relevant parties can be easily implemented – and all key tasks, like onboarding, validation, credentialing, certifications, and other steps – become streamlined and systematic. Having a centralized single source for managing provider contracts ensures that all relevant personnel – including key decision-making authorities – have quick, secure access to all the data they need to drive accuracy and efficiency for their organization.
Full Control Over Contract Management Lifecycle
For contract audits, maintaining high accuracy levels in the contract management process flow is an absolute must. Full and accurate contract history details can be maintained right inside the system – and these can be accessed by authorized parties in a matter of a few clicks. Since the system optimizes all contract-related data and makes contract auditing simpler – internal policy compliance responsibilities also become easier.
The automated and high-on-accuracy features of the best contract management systems ensure that there are no inordinate delays (a common issue in manual contract management). Approval times become shorter, and the overall contract management lifecycle becomes more compact and efficient. As a result, the gap between provider contracts and physician compensation is minimized as well. Since the contract management workflows are fully automated, review processes are expedited too. Real-time notifications can be sent directly from the system to relevant parties, as and when required. With a contract management solution in place, scanning, e-signing, and monitoring contracts is easy – providing the necessary access for all aspects of the contract, with full control of all processes remaining in the hands of the users.
Ensuring Contract Compliance Accuracy and Data Security
In a manual contract management setup, compliance considerations often take a backseat. This can lead to serious complications in the future, pushing up legal fees and other related expenses. These potentially serious mistakes can be easily done away with by implementing a contract management solution. Contract accountability levels are enhanced, and every stage of provider contracting goes through compliance checks. Aberdeen states that automation can improve contract compliance management by more than 50%.
Leading contract management platforms come with robust data security assurance, ensuring that access and/or edit rights are granted only to authorized personnel. There are no chances of unauthorized data access in any way. By using a contract management solution, organizations can make the process flows more accurate and systematic, while contract lifecycle completion rates go up as well.
It is imperative for healthcare organizations to make their contract management processes streamlined, accurate and transparent – in order to nurture provider relationships, increase efficiencies, and enhance productivity levels. In this context, the role of a contract management solution is critical. A cloud-based contract management tool enhances contract visibility, ensures full accuracy, allows contract performance tracking, and boosts contract completion rates.
Automated provider contract management systems deliver the best possible blend of operational optimization, financial optimization, and optimal contract management accuracy.
Summary: Automated contract management solutions are instrumental in making provider contract lifecycle management more efficient by providing a centralized source for hospitals, medical groups, and physician groups to effectively manage all the pieces of contract management.