In a study recently published by Crowe, a public accounting, consulting, and technology firm, the top compliance challenges facing hospitals in 2019 are physician contracting, non-physician contracting/supply chain agreements, and compliance with the Health Insurance Portability and Accountability Act (HIPAA). The analysis summarizes assessment of 3,000 risks across more than 250 hospitals, health systems, physician practices, and other healthcare entities.
Hospitals continue to face ever-increasing financial and regulatory pressures. Non-compliance with state and federal regulations comes with consequences and fines that do not fit into a high-performing business model. The risks are real, and relying on hope for compliant contracts is a recipe for missed opportunities, lack of contract visibility, over-spending, and, most importantly, non-compliance.
Process is paramount
The solution for compliant contracting across the hospital organization or system starts with impeccable process. The ability to manage all stages of the contract lifecycle process — contract origination, negotiation, agreement of terms, signature, storage, ongoing management, search and retrieval, auditing and reporting, and, finally, renewal or termination — is paramount.
MediTract 2.0 provides the all-encompassing, integrated platform to manage and support the complete contract lifecycle. MediTract owns the only patented, healthcare-specific CLM platform in the market today. It was designed with more than 20 years of client feedback and 2,000 implementations to support the specific challenges associated with hospital contracting and compliance.
Consistency and control
Impeccable process in hospital contracting to ensure compliance is really all about consistency and control. Governing and proactively managing who can request or initiate a contract, which reviewers are required, and, ultimately, who must sign based on the type and value of the contract — these are all key to establishing a compliant program that translates into dollars going straight to the bottom line.
An efficient and auditable contracting process yields both measurable speed and savings. Clients using our platform get physician agreements signed an average of 31 days faster than those who don’t. That translates into $5,500 in revenue per DAY per physician contract. With savings like these and the ability to ensure control and compliance, it’s easy to quantify the value of our platform.
Looking for opportunities
We also know that our clients are being asked to mine their contracts to identify additional savings opportunities and contracting inconsistencies that result in unnecessary spending. We’ve continued to innovate and have added Artificial Intelligence (AI)-enabled advanced contract analytics capabilities.
Our enhanced technology, combined with our healthcare experts, offers our clients unparalleled visibility into their contract assets to answer questions like: What is our cybersecurity risk? What contracts should have a BAA in place, but don’t? What contracts have inconsistent term & conditions?
Advanced analytics to the rescue
Historically, this kind of evaluation has required months of manual review, but we’ve got a better answer. Our advanced contract analytics identifies the “needles in the haystack,” allowing only those agreements requiring remediation to be reviewed. We can produce the results very quickly so that hospitals can focus on the business of saving lives.
Give us a call today to talk with our experts about the new platform and advanced analytics capabilities that support impeccable processes. Because When It Comes to Hospital Contracting Compliance, Hope is not a Strategy.