What is contract management
healthcare software

The healthcare industry’s main goal is to treat patients. In order to accomplish this, however, it faces many challenges in the face of compliance requirements. This issue becomes even more prominent when considering that the system is resource-stressed.

Healthcare companies and medical practitioners are already burned with so many other aspects of the workflow to handle, that having to deal with CLM (contract lifecycle management) can become too much.

Healthcare contract management refers to managing and administering agreements and documents within the industry in an efficient manner. This process involves the creation, negotiation, execution, and ongoing management of contracts between healthcare organizations, providers, vendors, and other stakeholders. Contract managers in healthcare have to control costs, maintain relationships, make sure of compliance, and optimize workflow efficiency.

Contract lifecycle management software refers to specialized solutions designed to facilitate and automate the contract management processes specific to the healthcare industry. These contract management systems are tailor-made to meet the unique needs and requirements of physicians, patients, provider agreements, and data security.

The software is also intended to account for compliance with regulations such as HIPAA, JCAHO, and Medicare.

What is the cost of CLM
software?

The cost of CLM software can vary significantly depending on various factors such as the specific features and functionalities, the size of the organization, the number of users, the amount of security, customization requirements, and the vendor itself.

There are a number of key aspects that determine the price:

Licensing fee

The software vendor may charge a licensing fee based on the number of users accessing the system. This fee can vary depending on the tier or level of access required.
Implementation

There may be additional costs associated with the implementation, configuration, and setup of the CLM software. Many organizations may have excellent medical and administrative staff, but a person will still need to be trained to use the system. Future support can also be required when considering data migration and integration with new technology.
Customization

If customization or additional development is required to tailor the software to specific organizational needs, there may be additional costs involved. Customization can include creating custom workflows, reports, or specific features unique to the organization.
Scale and usage

The cost of CLM software may scale based on the size of the organization, the volume of contracts, and the level of usage. Some vendors offer tiered pricing structures based on the number of contracts managed or the level of system usage.

Common features of CLM
systems

Software management tools are becoming more and more common in today’s world. When it comes to agreement management, these tools provide contract negotiation, creation, approvals, compliance, execution, and renewal. Such a system provides organizations with a centralized platform to manage contract data, improve contract visibility, enhance collaboration, and mitigate risks securely.

Some of the key features are listed below:

Contract authoring
Contract repository
Contract negotiation and
collaboration
Contract approval and
workflow management
Contract compliance
Analytics and reporting
Integration and automation
Contract renewal

Contract authoring

CLM tools often offer contract authoring capabilities, allowing users to create, edit, and customize contract templates or draft new contracts. These tools may include predefined clauses, templates, and guided workflows to facilitate the creation of contracts.

Contract repository

Such software provides a centralized repository to store and organize contract documents, making it easy to access, search, and retrieve contracts when needed as well as provide contract templates. The repository ensures version control, tracks contract changes, and facilitates secure document management.

Contract negotiation and collaboration

These systems enable collaboration among contract stakeholders, both internal and external. They provide features for real-time document sharing, commenting, and track changes, streamlining the negotiation process and enhancing collaboration.

Contract approval and workflow management

CLM software automates the contract approval process, allowing organizations to define and manage approval workflows. They provide visibility into the status of contract approvals, send notifications and reminders to stakeholders, and ensure timely execution. The assistance such software provides can be used to increase productivity in any healthcare facility.

Contract compliance

These tools help organizations monitor contract compliance by tracking key dates, milestones, and obligations. They provide alerts and notifications for contract renewals, expirations, or other critical events, reducing the risk of non-compliance.

Analytics and reporting

CLM systems offer reporting and analytics features to gain insights into contract performance, such as contract cycle times, contract value, and contract risk assessment. These tools provide data-driven insights to support decision-making and contract management optimization.

Integration and automation

CLM tools often integrate with other systems, such as CRM, ERP, or e-signature platforms, to streamline data exchange and automate workflows. Integration enhances data accuracy, reduces manual effort, and improves overall process efficiency.

Contract renewal

These software tools help organizations manage contract renewals and expirations by providing automated alerts, notifications, and workflows. They facilitate contract renewal negotiations, prevent contract lapses, and ensure continuity of contractual relationships.

Managing an entire contract lifecycle brings many benefits to a healthcare organization and it should be a top priority. Having a custom software solution handle the contract management part of the work process of a healthcare provider is very important.

In order to ensure the system is not only created well but also supported, an organization has to entrust the task to a software development company like BGO Software that has years of experience in the industry.

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Healthcare Contract Management Software

What is contract management healthcare software

What is the cost of CLM software?

Licensing fee

Implementation

Customization

Scale and usage

Common features of CLM systems