From the outside, Contract Lifecycle Management (CLM) software would seem to be a natural fit for healthcare organizations. After all, contracts between healthcare providers and insurance companies -- known in the industry as payer contracts -- define the bulk of the income for virtually every medical professional in the United States. Those contracts should obviously be managed.
Contract Management Software for Healthcare
But you can very easily buy the “wrong” contract management software if you don’t know what kind of “contract management” a solution is designed to provide. That’s why LinkSquares developed our newest eBook: “The ‘Other’ Contract Management Problem: Why Healthcare Businesses Need Contract Lifecycle Management (CLM)”.
The software tools designed to write and manage better payer contracts are very different from “traditional” CLM solutions, not least because payer management software is largely concerned with financial modeling, not legal analysis. A tool designed to measure the impact of a 3% raise in reimbursement rates for a specific medical procedure likely isn’t also very good at writing a better employee contract, or managing the deadlines and stipulations of a facility lease.
Modern Healthcare Organizations Need Both Forms of Contract Management
A modern healthcare organization needs both a payer management solution and a conventional CLM suite. The former will make sure your payer contracts keep enough revenue coming in the door. The latter will ensure that your contractually obligated costs and risks don’t exceed your payer revenue. (And if your payer management tool doesn’t actually turn your claims analysis into a written agreement, a good CLM suite can help you codify your desired reimbursement terms into a solid contract, too.)
Most healthcare organizations aren’t familiar with what modern CLM software can do, nor what questions they should ask a CLM vendor when evaluating a solution. “The ‘Other’ Contract Management Problem: Why Healthcare Businesses Need Contract Lifecycle Management (CLM)” addresses both issues and sets a healthcare organization up for CLM success.
If you’re ready to add the power of CLM to your healthcare organization, download “The ‘Other’ Contract Management Problem: Why Healthcare Businesses Need Contract Lifecycle Management (CLM)” now.
And if you want to adopt the most advanced and intuitive CLM solution available -- one which harnesses cutting-edge artificial intelligence to offer the best contact analysis and workflow automation on the market -- then contact LinkSquares today.