Healthcare organizations rightfully pay a great deal of attention to their payer contracts, as these legal agreements dictate how much revenue is received from insurance companies for medical services rendered to patients. Payer contracts are the lifeblood of healthcare businesses, so they are taken very seriously.
Healthcare Companies Need Contract Lifecycle Management
Sometimes this emphasis on payer contracts leads to neglecting the rest of your legal portfolio. We outline this problem -- and how to deal with it -- in our latest eBook: “The 'Other' Contract Management Problem: Why Healthcare Businesses Need Contract Lifecycle Management (CLM)”.
The truth is, healthcare businesses invest in payer contract management software and resources, then often assume all their contract bases are covered. But payer management tools aren’t designed to help you draft, execute, and manage facility leases, employment contracts, vendor agreements, or any other legal document that doesn’t govern your reimbursement rates or clinical risk-sharing.
Traditional CLM Software Can Help
Payer contracts may represent nearly every cent of revenue a healthcare provider brings in, but the rest of your contracts dictate your costs -- and those contracts need to be managed just as carefully as your payer agreements. That’s where Contract Lifecycle Management (CLM) software comes in. Traditional CLM software can help you create non-payer contracts faster, then help you more easily manage the risks, obligations, and opportunities of those agreements.
In “The 'Other' Contract Management Problem: Why Healthcare Businesses Need Contract Lifecycle Management (CLM)”, we lay out the specific problems CLM software can solve for healthcare organizations, and offer up tips on evaluating CLM vendors.
If you want to get a handle on the potential of CLM software to improve your healthcare operations, download “The 'Other' Contract Management Problem: Why Healthcare Businesses Need Contract Lifecycle Management (CLM)” now.
And if you want to skip ahead and adopt the best traditional CLM solution on the market -- one which uses cutting-edge artificial intelligence to analyze contracts and extract critical insights -- then contact LinkSquares today.