The Healthcare Industry Is Digitally Transforming Its Contracting Processes
By David Parks, VP, Marketing
The ongoing COVID-19 pandemic and the recent 25th anniversary of the Health Insurance Portability and Accountability Act (HIPAA) have both underscored the critical importance for healthcare organizations to speed up their digital transformation initiatives. Over the last 25 years, the need for solutions that help modernize processes, improve operational efficiency, and stay compliant with changing regulations while being agile enough to evolve has accelerated. Digital transformation is not going away, and contract management can play a foundational role in helping healthcare organizations successfully achieve it.
In healthcare, contracts are integral to employment, care transfer, technology licensing, experimental treatments, confidentiality, and telehealth, among others, and the average healthcare organization might have tens of thousands of contracts covering multiple departments and facilities, as well as payers, providers, and other third parties. Prior to the COVID-19 pandemic, 96% of American health systems reported either not having a contract management system and entirely using manual processes or having an outdated and inadequate system to address value-based care. These manual approaches to contract management are not only highly inefficient and costly, but they also put those same organizations at risk.
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If you’re interested in learning more about how the healthcare industry is digitally transforming its contract management with Contract Logix, please schedule a contract management software demo today!