Effectively managing contracts and keeping up with its contractual obligations is important for any business but paramount for hospitals because of them facing several compliance regulations designed best to protect patient's health and interests.
Health care providers today deal with a lot of contract types like physician & non-physician employment agreements, vendor contracts, equipment leasing & service contracts, pharmacy & research agreements, managed care, etc.
Strict privacy policies owing to sensitive information related to health, medical treatments and payments, as well as the massive paperwork are all issues that need immediate attention in order to stay compliant and competitive.
Having a hard time keeping track of all the contracts is a common problem in hospitals and healthcare organizations across the world. Evolving compliance requirements are time-consuming and challenging. Moreover, the creation and renewal of contracts can be a complex process involving various players both inside and outside the healthcare organizations.
With TLC’s Contract Lifecycle Management (CLM) solution, one can leverage a single, central repository providing global visibility over all the contracts. This platform comprises of a set of standard agreements to address all of the various types of business arrangements into which hospitals typically enter.
It reduces contract cycle time through interactive negotiation between parties and streamlined approval processes. Moreover, it helps in managing and automating contract renewals, expirations, terminations, etc.