Modern Healthcare Contract Management Solution Clears the Way, for Smarter Care, Starting Today!

Healthcare payers, today, face peculiar set of challenges while managing contracts. Agreements grow increasingly complex, creating a dire need for health plans, like you, to build a simplified and efficient contract management ecosystem.

Can you relate? 

It’s 3:30 PM on a Friday evening. The work week starts to shift toward a close. But, the office is buzzing—not with the usual end-of-week calm but with crazy energy. Your team is preparing for an important meeting with a major provider. Emails are piled up, multiple spreadsheets are open on every screen and being toggled every now and then, and one of the users is frantically searching for a missing contract clause that could drastically impact the negotiation. Sounds familiar? Visualized the chaos?

For an exercise, ask yourself:

• Can your contract managers answer questions about performance metrics across your provider network?
• Do you have clarity into which contracts would have specific quality measures?
• Would you have real-time insights into how your risk-sharing agreements are performing?

If these questions leave you unsure, it’s time for you to reconsider your contract management approach.

Let’s Get into the Hidden Costs of Unoptimized Contract Management

Improper contract management is inconvenient and poses significant challenges in maintaining financial sustainability, strong provider relationships, and better patient outcomes. Here are some major challenges that stand in the way:

1. Contracting Complexity and Confusion

Healthcare contracts have multiple clauses—reimbursement, HIPAA compliance, and
risk-sharing models. This intricacy often results in misunderstandings between the involved parties and difficulties in enforcing terms

2. Inconsistency Across Provider Agreements

When you are managing contracts across different regions or specialties, terms and structures vary, and that’s precisely what complicate the overall tracking and monitoring process

3. Blind Spots in Performance

Without real-time insights into provider performance, it becomes challenging to make informed decisions about contract adjustments or re-negotiations. The lack of visibility is directly correlated with adverse financial outcomes and care quality

4. Risk-sharing Struggles

Value-based care demands careful monitoring of risk distribution and performance metrics. Without proper management tools, these models become an administrative burden

5. Slow and Error-prone Contract Negotiations

Manual, paper-based contract negotiate on processes are slow and prone to errors. This leads to delays in executing contracts and delayed service delivery

Simplifying Operations for Payers with a Modern Contract Management Solution

Here’s how a modern contract management solutions help payers optimize agreements and run frictionless operations:

• Centralized Repository for Clarity
  Storing all contracts at one accessible location makes it easier for users to compare terms across providers, duly track obligations, and identify opportunities for standardization. This centralization eliminates the information silos that plague many organizations

• Standardization for Maximized Operational Efficiency
  Automated contract creation using predefined templates ensures consistency in language, compliance requirements, and reimbursement structures. Not only that, it dramatically reduces errors while speeding up the contract creation process

• Real-time Monitoring for Enhanced Provider Relationship
  Customizable dashboards that track key performance indicators (KPIs), such as quality measures and cost containment, give you the freedom to identify the concerning areas beforehand. Advanced monitoring enables more productive conversations with providers based on shared data rather than retrospective reviews

• Automated Risk-sharing for Mitigated Risks
  Value-based care models continue to expand and automated tracking of performance metrics against agreed-upon benchmarks ensures all parties meet their obligations. It reduces both financial and compliance risks

• Better Compliance for Minimized Liability
  Comprehensive audit trails tools track all contract activities, ensuring adherence to regulatory compliance while reducing the risk of errors or omissions. Maintaining detailed documentation shields you from potential legal complications and other hefty penalties

• Streamlined Approvals for Accelerated Implementation
  Automated workflows eliminate manual processes that delay contract execution. This acceleration means new arrangements can be implemented faster, reducing administrative costs and improving provider satisfaction

• Analytics for Smarter Decision-making
  Analytics tools empower you to evaluate contract effectiveness and negotiate from positions of facts. You can identify successful models and replicate them across your provider networks by analyzing historical performance data

• Automated Renewal Management
  System alerts ensure contract renewals and amendments receive timely attention. Automation prevents lapses in agreements and ensures continuous coverage for members

• Transparent Documentation and Lesser Disputes
  Comprehensive records of all contract terms and negotiations keep things clear and transparent between parties. This transparency leads to fewer disputes and stronger provider relationship

Moving Forward—One Contract at a Time

Simplifying contract management doesn’t have to disruption your operations. Start by focusing on a specific segment of contracts or specific pain point to bring clarity, consistency, and mutual accountability in your provider relationships. With the right system in place, you can focus less on administrative details and more on building provider partnerships that drive quality care and financial sustainability. But getting it right takes meticulous planning and execution where any misstep can prove costly. Alternatively, you can skip the complexity completely and let the experts fast-track the transformation for you. Curious to know how an ideal solution can make things easier for you?  Gain detailed insights into Newgen’s Provider Lifecycle Management Solution and move forward with confidence.