January 16 2018 | 0 Comments | 170 reads Average Rating: 3

With the Devil in the Details, a Contract Management System Can Answer Prayers

by Nayfe Faillace in Compliance

Don’t respect someone for making a promise. Respect someone for keeping it.

As a business associate of healthcare organizations, SCIO Health Analytics does what it takes to earn such respect. It’s a challenge that all vendors grapple with as they try to keep up with the varied contractual requirements of their healthcare organization customers.

Indeed, to keep track of these obligations, it’s best for business associates to rely on a sophisticated contract management system that is capable of:

Cataloging all contracts. This is especially important for vendors that are growing – as the number of contracts could expand exponentially in a short period of time. In such situations, it is virtually impossible to manually keep tabs on the ins-and-outs of contracts.

Monitoring specific requirements. Being able to match requirements to healthcare organization customers is an absolute necessity. To help in this endeavor, a contract management system that is capable of pulling data by various requirements – such as on-shore/off-shore, multifactor authentication or termination conditions – can help. With such functionality in place, for example, it would be easy for a vendor to identify the 15 customers that allow off-shore data management and the 85 customers who forbid it.

Tracking progress. Oftentimes when entering into a contract, a vendor will promise to meet certain goals by a specific data. For instance, vendors might agree to have multi-factor authentication as a security measure in place or to achieve HITRUST certification within a specified time frame. A contract management system can flag these deadlines and offer reminders to keep business associates on track.

These are just a few ways that a sophisticated contract management system can help healthcare business associates keep their contractual promises. What other features and functions could potentially help?

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Author
Nayfe Faillace
Chief Compliance & Privacy Officer

Ms. Faillace has been in the health insurance industry for over 20 years. Ms. Faillace was one of the founding partners of Hospital Audit Locus, Inc. d/b/a National Audit where she served in various capacities over the past 10 years.

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