ERP and Contract Lifecycle Management: A Winning CombinationControlling contracts is the only way to control costs.
FEBRUARY 2, 2021—DALLAS, TX—TractManager, now a part of symplr and the leader in healthcare strategic sourcing, contract lifecycle management, and provider management, today announced the public release of a white paper that demonstrates how a healthcare organization’s Enterprise Resource Planning (ERP) solution can combine with a healthcare-specific contract lifecycle management (CLM) system to help control spiraling costs.
The white paper, Better Together: ERP and a Healthcare-Specific CLM Combine to Optimize Cost Control, is authored by Barry Dyer, Senior Vice President of Professional Services at TractManager. Given the added pressure of the Covid-19 pandemic, healthcare executives face greater pressures to operate efficiently and control costs than ever before. “A powerful ERP solution is the centerpiece of any response,” says Dyer, “but it can’t address healthcare’s unique business and regulatory challenges alone.”
A healthcare-specific CLM helps executives overcome the three barriers to gaining a clear and comprehensive view of their organizations’ costs. “First,” Dyer points out, “health system consolidation has led to siloed, incompatible systems that only a handful of people can view or understand.”
Second is the tendency to acquire contract management systems that are not healthcare-specific, but are designed to serve a wide array of industries. Reliance on such systems “diminishes transparency and compliance safeguards, most notably for physician contracts, outsourced services, real estate, and lease management arrangements,” Dyer says. Because they are governed by multiple regulatory requirements, physician and managed care contracts are particularly challenging.
Finally, there is the problem of fragmented contract storage. When documents reside in multiple locations, “the resulting fragmentation makes it impossible to align the right people with the contract assets to support decision-making activities with data and analytics,” Dyer says. “If your contract management solution is not your single source of truth, your cost-control decisions cannot be data-driven.”
When an ERP solution is paired with a healthcare-specific contract lifecycle management (CLM) solution, an organization can begin to achieve tighter control over all costs. According to Dyer, “ROI follows quickly, because all contracts are on an electronic, searchable platform that provides complete visibility into an organization’s full range of cost-related obligations.” This combination, he says, “is the best possible way to control your contracts and, therefore, your costs.”
Healthcare executives are invited to download the white paper. In addition to the white paper, TractManager is publishing a series of monthly blogs to help healthcare organizations improve their financial health by taking advantage of the wealth of information hidden in the data they already possess. The blog series is available on tractmanager.com.
TractManager, now a part of symplr, has been serving the healthcare industry with integrity for more than 30 years. Its healthcare-specific application suite supports three out of five U.S. hospitals. TractManager is the first mover in strategic sourcing, enterprise contract lifecycle management, provider management and evidence-based data. The company’s more than 450 highly skilled and experienced professionals help clients to improve cash flows by reducing their capital and nonlabor costs and to conform their contract, policy, and procedure management to meet regulatory requirements. For more information, visit tractmanager.com.
Prevent claim denials through proper provider enrollment.The mission of any healthcare organization is to improve and save lives through compassionate, high-quality healthcare. But to fulfill this...
Analyze your spend and contracts to reduce leakage and save money.Healthcare organizations must control their non-labor spend to combat shrinking margins due to COVID-19. Purchased services—such as...
Take these actions now to maximize reimbursement and avoid billing disruptions.One unpleasant surprise will soon be a thing of the past. Congress recently passed the No Surprises Act, banning...
Measure It to Manage It: Beginning the Journey to Hospital Financial Wellness
The financial health of your healthcare organization needs to be your top priority. Analyze clinical, financial, and operational data to uncover opportunities to improve your processes, systems, and bottom line.