The Process Revolution -
In healthcare, successful contract lifecycle management
means centralizing, standardizing, and optimizing data and processes.
A white paper by:
Chief Data Officer, TractManager
Chief Product Officer, TractManager
General Counsel, TractManager
Contracts store some of a health system’s most valuable information. While the basic terms and conditions they contain are carefully designed and negotiated, contracts can subsequently remain locked away, whether in paper or digital form. Like hidden gems, they must be mined to extract their maximum business value.
Traditionally, contract management tools have been designed to support the demands of a high-volume purchasing department, where the primary output is a purchase order. As a result, these tools have focused on serving the needs of the department’s enterprise resource planning (“ERP”) system and delivering value in terms of dollars and cents.
But in an industry as heavily regulated as healthcare, an emphasis on compliance in contracting takes on new importance.