At MediTract, while working with thousands of hospital clients for more than 20 years, we’ve heard a common theme: “We don’t know what we don’t know about our contracts.” One of our clients remarked recently that “contracts are the crypto-currency within the organization.” We agree. They need to be mined to identify opportunities.
All our hospital clients are facing cost pressures and being asked to do more with less. Our suite of services and solutions help maximize the value of your organization’s strategic contract asset. MediTract is the only patented healthcare-specific contract lifecycle management platform in the market today, and the value proposition is four-fold:
We provide unparalleled visibility into your contracts, allowing you to manage your contracts proactively.
Centralizing your contract asset is the first step to success. We frequently see contracting silos in hospitals, with legal and compliance using one system and supply chain using another. The MediTract 2.0 platform provides you a contract library and workflow solution with an unlimited pricing model so that your organization can house all contracts in one location.
We enable contract compliance throughout your organization.
Not only do we have healthcare-specific compliance modules, we can also get your contracts audit-ready. If OIG walked into your offices tomorrow looking for Business Associate Agreements, could your organization produce the necessary documentation? We have looked at organizations big and small and typically see about 10% of the contracts requiring a Business Associate Agreement don’t have one in place.
With our AI-enabled technology, we can quickly audit your agreements proactively to identify the “needles in the haystack” that need remediation. If you don’t have the resources in-house to do the work, our team of experts will take care of it for you!
We help you mitigate the risk in our contracts.
What kinds of cybersecurity provisions exist in your agreements? Who holds the liability in the case of a malware attack? We commonly see that many master services agreements were put in place long enough ago that they are silent on cyber terms and conditions, or even worse, many vendors consider events like malware attacks an act of God and assume no liability whatsoever. The ability to evaluate the risk associated with specific contract terms or identify those gaps is imperative to your organization’s future success.
We help you standardize and optimize your contract terms and conditions.
Standardizing and optimizing your contracts is hard work, but it also can translate directly into savings that impact the bottom line. What kinds of rebate or fixed-pricing language sits in your procurement agreements, or are you actually receiving the discounts promised for timely payment? Eliminating nonstandard terms and conditions throughout your contracts creates savings opportunities. One hospital identified more than a million dollars in savings by lowering the percentage by which pricing increased each year in its agreement.
We are dedicated to healthcare exclusively. We provide solutions to support your end-to-end contracting needs, and we have the people to facilitate the execution of your contracting strategy. We help hospitals spend smarter, and it all starts with a contract.