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What’s So Bad About Vendor & Contract Management Software in Healthcare? (Spoiler Alert: Its cost!)

Healthcare is not just about patients and providers.

It is about vendors too.

A healthcare entity needs to invest the same energy in managing vendors as it is investing in its patient and provider management.

And the most difficult part associated with healthcare vendor management is contract management of those vendors!

What makes contract management in healthcare more difficult is the fact that a single healthcare setting has multiple vendors and each contract linked to those vendors is very time-sensitive.

So, repetitive tedious work and lots of documentation can’t be ruled out.

Contract management in healthcare: A typical scenario at a hospital

We repeat – this is a typical and very common scenario in every hospital – and other healthcare settings too.

A hospital has multiple vendors. Such as,

  • Networking service providers
  • Cloud/storage service providers
  • Software service providers
  • Clinical service providers (providers, labs, pharmacies, etc.)
  • Medical equipment suppliers
  • Office equipment suppliers
  • Billing service providers
  • Patient transfer service providers

With each of these vendors, a hospital might have one or more than one contracts to manage.

Not only this, but these contracts are very time-sensitive.

Meaning, the hospital needs to repeatedly make sure all the contracts are up-to-date. If not, the hospital needs to reverify, reapprove and renew all the contracts.

As if this is not enough, the healthcare contract management lifecycle itself is very complex.

Before having a finalized contract, it needs to go through several stages. Such as,

  • Initial request
  • Agreement review
  • Corrections
  • Approvals
  • Final document storage

So, imagine a hospital having 20 vendors and 100 contracts. How difficult it would become for it to manage and keep all the contracts up-to-date all the time.

To achieve so, the solution that hospitals prefer to select is a healthcare contract management system or software.

But the problem still continues to thrive.

The problem with healthcare contract management software

Its costing!

Yes, let us explain.

When you plan to acquire healthcare contract management software, you majorly think of or are told to have just two options.

Number 1: Custom development
Number 2: SaaS platform

Both of these options do not deliver you value.

Here is how.

The custom development of healthcare vendor management software easily costs $80,000+, even if you hire the most affordable tech company.

On the other hand, if you choose SaaS, you of course need to pay less. But …

  • You are liable for paying monthly fees for as long as you want to use the software.
  • You own nothing. You have zero control over something you manage your vendors with.
  • You stop paying now and from the next moment, you can’t operate the software!

So, understand the irony.

You have multiple vendors to manage.

You know you can’t do it without a technology solution.

But you can’t build your own software as it costs you very high.

And you can’t choose a SaaS platform, as it lacks value.

(That’s why the bad thing about contract management in healthcare is its cost!)

But not anymore. Because we have worked relentlessly in the last 2 years to end the havoc caused by the cost!

We have built a white-label healthcare contract management system that is as good as a custom one but costs 70% to 80% less than it.

Why should you get excited about our white-label healthcare contract management system?

It’s been 8 years since we have been proactive in the healthcare industry as an IT company.

Every year, we do something epic with an attempt to solve a big problem with healthcare tech knowledge and the team we have.

This year, we chose a healthcare vendor and contract management.

We’ve built a platform and made it the white label to end the bad thing (price) forever.

The following are the top things about our white-label platform you would like the most.

  • It is a healthcare-specific platform – built by a healthcare IT team.
  • It is HIPAA-compliant with advanced security features.
  • It costs 70% to 80% less than the custom platform.
  • It comes with a one-time fee. No monthly fee structure.
  • It has no-code capabilities. So, no fixed software boundaries.
  • It comes with lifetime usage rights.
  • It comes with an unlimited number of user access.
  • We customize it as per your needs and branding.
  • We deliver it to you within a maximum of 45 business days.

Let us now give you a small tour of our white-label healthcare vendor management system

Please note it is not possible for us to showcase 100% of the product here in the blog itself. So, if you are interested in it, you can ask for its free demo by contacting us from the contact form. We will get back to you within 2 to 6 hours only.

1. Add vendor/create vendor profile

We allow you to manage the contracts of each vendor under each vendor’s profile.

So for that, you first need to add a vendor or create a vendor profile by adding the basic information about that vendor.

You can also select the type of vendor.

Healthcare vendor management system

2. Explore all vendors and their profiles

It is very easy to explore all the vendors and their profiles you have created. You can also search them manually by typing just one or two first characters of their name.

The best thing about the product is the parallel browsing feature. This enables you to explore multiple vendor profiles at the same time.

healthcare vendor management software feature 21

VENDOR MANAGEMENT SOFTWARE

3. Contract document management

Using this feature, you can add a contract or any other document of the vendor under that particular vendor’s profile.

To do so, all you need to do is, select the vendor from the list, click on ‘Document Manager’, click on ‘Add New’, and then you can upload the document.

4. Contract expiry setup

As we discussed, healthcare contracts are time-sensitive. So, we have added a very useful feature.

You can set up the expiry date of each contract and also set up the notification you would like to receive after or before a certain date of the contract expiry. So that, you don’t have to check the expiry date of each contract manually.

Not only this, but you can also select to whom you would like to send that expiry notification automatically.

Healthcare vendor management feature 211

5. Contract history tracker

With just a single click, you can know all the operations executed by the name of the person with a particular contract document. This feature helps you a lot in critical situations.

Healthcare vendor management feature 10

6. Communication and collaboration

It might be possible that multiple team members are engaged in contract management. So to make sure all of them are on the same page, we have added the chat feature where they can communicate and collaborate.

When anyone comments, all other associated team members receive an email notification. And the best part is that they can reply from the email itself, which is automatically reflected here.

Healthcare vendor management feature 13

7. User management

As discussed, multiple team members might be engaged in contract management. So, you need to give access to the software to all of them.

With the user management feature, you can easily invite them to use the software. All you need to do is, select the team member from the list of all added team members.

Healthcare vendor management feature 15

In case you might be wondering – ‘then how to add a team member to the software?’ Well, it is easy. From the User Management feature, you can add your team member to the database of the software.

healthcare contract management software

(Please note, this is one more User Management feature below that. But it deals with managing your vendors’ users with whom you have shared access to the software.)

The same with our next feature – permission management. One module of it for managing permissions given to your internal team and another module to managing permissions given to your vendors’ users.)

8. Advanced permission management

It is very obvious that you don’t want to give full permission for the software to all of your team members. Here comes the permission management feature.

You can literally select each feature and decide whether to give permission for that particular feature to your team member or not.

Healthcare vendor management feature 15

However, following the same practice for each user is very tedious as you need to select and deselect each feature while setting up the permission for him/her.

So, we come up with a solution. All you need to do is, select and deselect features and give that ‘group’ a ‘permission name’.

So, next time, when you want to set up the permission for a user, you just need to select the ‘permission name’ from the list and automatically all the set permission under that permission group will be given to that user.

Also, you can anytime change the permissions given to a particular team member.

MEdical contract management

healthcare permission management

The multi-layer architecture of our white-label software makes it a lethal ecosystem

Yes, from the first day, the purpose for us was not to build merely software, but a lethal ecosystem.

And we achieved it with a multi-layer architecture of users.

The following is a demonstration of what we mean by multi-layer architecture.

healthcare vendor management software

And the best part is, all of these are interconnected, making it not software, but an ecosystem.

And remember, this is only just 10% of our white-label healthcare contract management platform. The remaining 90% is reserved for our first virtual call. So, let’s connect!