The AI Uprising in Contract ManagementYou Can’t Control Your Costs If You Can’t Control Your Contracts.
A white paper by:
Chief Data Officer, TractManager
Patrick F. Flynn
Chief Product Officer, TractManager
As part of TractManager’s ongoing commitment to innovative thinking in healthcare contracting, sourcing, and evidence-based research, this white paper discusses centralizing, standardizing, and optimizing contract management to mitigate risk and identify savings.
The AI Uprising in Contract Management: You Can’t Control Your Costs If You Can’t Control Your Contracts
For too long, razor-thin margins have been the norm for most hospitals in the United States. Even before COVID-19, financial pressures had created staff and resource shortages that compromise the ability of hospitals and health systems to do what they do best: deliver high-quality care. Now, of course, the financial pressures have increased exponentially.
Many healthcare organizations mistakenly believe they have already exhausted their most promising avenues for cost savings. But if they look to the administrative side of their business, they may find they can realize some previously untapped sources of savings. In particular, by centralizing and standardizing contracts — and deploying artificial intelligence (AI)-driven analytics to optimize contract management — administrative staff can help hospitals save millions of dollars while improving regulatory compliance and redeploying their people where they are needed most.