Contract Insights

The decision to “build or buy” contract management software in the healthcare industry is a huge step in the process towards greater organizational efficiency.  Decision makers for hospitals, medical centers, and health plans must make this choice for a wide variety of software types including but not limited to: contract management software, billing and invoicing software, customer relationship management software, human resources software, or identity management software. 

In the business world, every professional is aware of what “workflow” is. Contract approval workflow, from the outside looking in, is just a giant chart of approvals and signatures that makes us all wonder, “Is all of this really necessary?” Of course, workflows are essential to keeping the buoyancy in every organization around the world. Processes must be followed in order to keep consistent, optimal production levels.

Oftentimes, large companies in highly-regulated industries such as healthcare organizations and public (government) agencies have strict guidelines that they are obligated to follow in order to monitor their contracts for compliance. Some of these include:

A fiduciary duty is a legal, financial, ethical, or monetary trust between two or more parties. Typically, a fiduciary prudently takes care of money for another party, or person, and most times involves a contract or agreement between the parties.  Many parties enter into a contract, and the contract may contain fiduciary or financial responsibilities between the parties. But after the contracts are signed, many ask 'who is monitoring your organization's contract for contract budget amounts, actual spend, expected cost and, if any, amount remaining?' How can all of this be tracked easily?