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.

• 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.

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.

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.

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.

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.

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.

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.

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.

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.

(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.)

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.

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.

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!