Boosting Pandemic-Stricken Bottom Lines with Strategic Contract Lifecycle Management

TractManager’s Contract Lifecycle Management solution provides the essential tools and insights you need to identify cost-reduction opportunities.

The COVID-19 pandemic has created the worst financial crisis the healthcare industry has ever experienced. Many healthcare organizations are struggling with plummeting margins due to pandemic-related higher costs and lower patient volume and revenue. In April 2020, hospital operating margins were down by 282 percent compared to the same period last year and 326 percent below budget, according to healthcare consulting firm Kaufman Hall. Healthcare leaders need robust tools and insights to pave the way to financial recovery. Mark O’Connor, TractManager’s SVP of Product Strategy & Growth, writes that Contract Lifecycle Management (CLM) solutions provide the essential tools and insights you need to assess your business obligations and identify cost-reduction opportunities.

Reducing costs is challenging when contracts—which hold the key to making informed cost-cutting decisions—are spread out across healthcare organizations. This makes them difficult to locate, let alone analyze and manage.

TractManager’s healthcare-specific software platform, Meditract CLM, solves this problem by centralizing contracts, providing transparency across your organization. Our Artificial-Intelligence (AI)-enabled capabilities identify opportunities for cost and risk reduction.

Meditract CLM can assist you with two essential strategies for financial stabilization:

  1. Identifying and implementing spend-reduction initiatives. MediTract CLM’s AI-powered Contract Analytics combs through your database and categorizes contracts by vendors and other considerations, allowing you to easily evaluate cost-reduction opportunities.
  2. Standardizing operating models that align people to process to minimize waste. With CLM, real-time performance analytics and workflow functionalities help eliminate rogue activities and ensure that “expensive resources operate at the top of their license.” 

According to O’Connor, centralizing, standardizing, and optimizing healthcare contracts to support spend reduction paves the way to financial stabilization. TractManager’s software-enabled CLM services can help your organization weather the current financial challenges.

Read Mark O’Connor’s article.

Author:

Mark O'Connor, MHSA, MPP

SVP Product Strategy & Growth

Mark O’Connor is a seasoned healthcare executive with more than a decade of leadership experience.

 

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TractManager’s Contract Analytics tool helped a Northeast U.S. academic teaching hospital analyze 6,000+ contracts in six weeks instead of two years, saving $600K in staff salaries.

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