Contract Insights

Contract managers, contract administration professionals, and corporate legal teams struggle to show clear contract management ROI to executive leadership within their organizations.  This struggle to show value is not isolated to one contract management challenge, but rather, it is a conglomeration of issues with manual contract management systems, lack of communication, and misaligned goals.  For organizations managing hundreds or thousands of contracts each year, the bottom line can be hit from multiple angles from increased costs to decreased revenue to lost time to missed opportunities to increased risk.  This article analyzes the root causes of missed ROI and presents a strategy to get the most value out of contracts.

Legal teams face ever-increasing volumes of legal work and struggle to achieve goals without enough in-house resources to complete the evolving complex demands of the legal function.  General Counsel is now acting as an internal business advisor and strategist, leaving paralegals and legal assistants to lead the charge in a legal operations role that improves productivity and legal services quality, leverages technology to gain new insights, drives efficiency through automation, increases security, and decreases risk.  When it seems like there isn’t enough time in the day to reach your organization’s goals, the path to better document management can be found with the right legal filing system.

CobbleStone Software recently exhibited at NCMA’s World Congress 2019 at Hynes Convention Center in Boston, MA.  Despite a heat index of over 100° F, committed contract management professionals showed up to this eagerly anticipated contract management conference ready to learn and network.

I exhibited on behalf of CobbleStone with Michael Donnelly, one of our seasoned account managers.  We spent an immersive three days learning about the challenges contract professionals are facing in 2019 and demonstrated how CobbleStone’s award-winning contract management software could help them provide more value to their organizations by positioning them to do their jobs more efficiently and effectively.

Hospitals, healthcare providers, and health systems are facing complex challenges around cost control, regulatory compliance (HIPAA, JCAHO, Stark Law regulations, Medicare billing rules, etc.), and operation and service efficiency.  In healthcare, successful contract management is critical for organizations managing hundreds or thousands of contracts covering different departments or facilities, and multiple vendors, providers, or agencies.  Mismanaged contracts can not only lead to increased costs, thinning margins, and lack of productivity; they can lead to compliance failures that result in reputation and accreditation issues.