What is Healthcare Contract Management?
Contract management plays an important role for healthcare payers. Handling a huge volume of sensitive information while ensuring compliance and maintaining transparency is not an easy task.
You might have moved everything into an accessible repository. But is it truly optimized? No, you are missing one crucial piece of the puzzle—a robust health payer contract management system—the key that ensures nothing slips through the cracks.
A quick refresher on the importance of healthcare contract management for payers and providers
The healthcare payer contract management software transforms and streamlines every stage of the contract management lifecycle, empowering you to deliver value-based contracts to the providers. It enables a smooth end-to-end journey with the help of unified workflows, automated compliance mechanism, robust integration capabilities, and the list goes on. The solution is not just limited to moving documents from paper to a digital screen. It’s about transforming the entire approach of managing the contracts.
What Does a Health Payer Contract Management System Do?
The health payer contract management software addresses all your day-to-day challenges. You can standardize contract creation by leveraging the built-in templates. So, no more worrying about missing a critical clause, the health payer contract management software helps auto-fetch and minimize the chances of risk. Furthermore, the solution also enables authors to redline and optimize the contracts while ensuring verification by key departments and personnel before proceeding. An ideal solution is equipped with modern features including:
- Standard Template Generation to accommodate new contracts and make them easily accessible with a single click
- Value-based Contracting to create complex contracts that do not compromise with the quality in any way and help you deliver the best care and better health outcomes for members
- Template and Clause Management to minimize redundancy by simplifying the contract management process through standardized templates
- Automated Redlining to reduce the manual downloads and minimize efforts in modifying or correcting the contract copies
- E-signature to ease the approval process of the providers through the industry-standard e-signature tools
It’s time for you to transform your health payer contract management system. How? Newgen is the answer. It is the link that bridges the gap between modernization and transformation.
With the help of Newgen’s solution, you can streamline the end-to-end contracting process without any hiccups. Additionally, its AI-driven innovative capabilities ensure contracts are comprehended well and comply with predefined rules. Does it stop here? No, Newgen’s health payer contract management system is strategically designed with automated compliance feature that enables you to create value-based contracts without compromising the regulatory standards.
Here’s a quick snapshot of how Newgen’s Healthcare Contract Management tool addresses the challenges of the payers:
| Stumbling Blocks | Game-changing Transformation |
|---|---|
| Disjointed Workflows impacting productivity | Unified workflow to streamline end-to-end contract management, reduce errors, and inefficiencies |
| Compliance risk due to evolving industry needs | Automated compliance to enable real-time updates and alerts ensuring compliance adherence |
| Integration issues resulting in data siloes | Seamless Integration to improve collaboration and efficiency |
| Manual tracking leading to missed deadlines and renewals | Proactive alerts and notifications for renewals and prevent unexpected delays |
| Lack of performance insights resulting in delays in risk management | Performance monitoring for real-time insights to identify gaps and mitigate risks |
The solution doesn’t just treat you with just an upgrade, it takes you to the world of DIGITAL TRANSFORMATION.
The Final Word
The healthcare space is constantly evolving, which poses various challenges at different stages. A digitally transformed contract management for healthcare payer platform helps you navigate through such complexities and enables you to maximize efficiency, and ensure adherence with regulatory compliance, all while improving the quality of care.
Frequently Asked Questions
Q1. What are the six stages of contract management?
Given below are the six key stages of contract management, including contract initiation, contract creation and negotiation, contract approval, contract execution, contract monitoring and management, and contract renewal or termination.
Q2. What does a contract management system do?
Contract management plays an important role for healthcare payers and helps them streamline the end-to-end contracting lifecycle.
Subscribe to our blog
You might be interested in
