Our Contract Management Best Practices Help Your Healthcare Facility Realize Substantial Financial Savings.

Erase Inaccuracies and Eliminate Non-Compliance With Our Peerless Expertise

Contract Management Systems Give you a False Sense of Security.

When we map out the contracts of clients who already have a contract management system, we often find out:

  • Missing amendments
  • Auto-renewals
  • CPI increases, etc.

It’s because these contracts are not fully recognized and optimized within the contract management system.

Their contract to spend is 50% or 60%.

You need to bring it as close to 100% as possible.

That’s where you can start optimizing your contract and ensuring you don’t pay for anything you aren’t supposed to be paying.

To do that, we use the approach of measuring your contract performance.

A Contract Performance System has 3 Parts:

  1. How do you measure your utilization data to your contract
  2. What goes into your quarterly business reviews, and how are you preparing for them?
  3. How are you analyzing your off-contracts spend variations?

Feel free to reach out to us to learn more about how we help hospitals with their contract management system.

Erase Inaccuracies and Eliminate Non-Compliance With Our Peerless Expertise

Contract management is complicated for healthcare providers, even if you have an existing contract management solution. Your vendor and supplier contracts impact your supply chain, while internal contracts and service agreements can chip away at your bottom line if you’re overpaying. While these supply chain and contract complications might seem like they’re easy to remedy, many healthcare brands don’t know how to implement the right contracts and supply chain management analytics effectively. Without the right type of analytics, it’s harder to utilize unstructured data, prevent financial disruptions, and adhere to regulatory requirements. Before you start investing in new supply chain managers and software platforms, however, it’s essential to know about a few contract process best practices that can impact your brand and your supply chain.

Best practices in healthcare contract management require scrutinizing hundreds of legally binding documents to ensure terms and conditions are adhered to. This can happen both within your supply chain and with your service providers. Your business contracts can impact every facet of your healthcare business, from supply chain analytics to warehouse management and risk management.

As your trusted partner, VIE Healthcare provides proven hospital contract management solutions to identify cost saving opportunities. These solutions include:

  • Management of all phases of contract creation. When healthcare providers get greater visibility into the contract creation workflow, it’s easier to realize adequate cost savings. Since profit margins are often relatively thin within the healthcare industry, the right contract management system is a near-critical asset for healthcare organization growth.
  • Expert oversight of the hospital contract review process. Healthcare organizations can use expert insights, analytics tools, and advanced technology, including artificial intelligence and machine learning, to more accurately review healthcare contracts. With VIE’s contract management system oversight, healthcare organizations can tackle contract review with greater confidence.
  • Streamlining and improvement of contract approvals. Whether you’re using contract templates to simplify your workflow and adhere to healthcare regulations or you’re trying to use a contract management system to spot opportunities to save on costs, it’s essential to remove common bottlenecks in the contract approval process. These contract bottlenecks can impact inventory management, service procurement, and expenditures for healthcare providers.
  • Efficient execution of contract agreements. From supply chain demand planning to data analytics and visualization, it’s crucial for healthcare brands to maintain contract management process efficiency. Often, you’ll want to leverage big data and IoT (Internet of Things) devices so that your contract management platforms can process large amounts of data much faster than staff members can. This enables you to more quickly spot process improvements that can benefit your patient care and business intelligence protocols.
  • Lifecycle management of end-to-end contracts. When you’re navigating clauses, signatures, and contract logistics, it’s challenging to forecast end-to-end contract management. Without effective lifetime management, you leave your contracts vulnerable to potential risks and anomalies.
  • Choice of a procurement-only approach or a holistic strategy. Your choice can impact the type of analytics you leverage throughout your brand and the various contract types you engage with. When connecting external systems, supply chain partners, and services, it’s essential to have the right strategy for your brand needs.
  • Customized solutions for each hospital. Instead of looking for preconfigured payer services with specific prerequisites and limited features, tailored solutions offer much more robust capabilities that speak to your healthcare organization’s unique needs. For example, you can model customized solutions to benefit order management, patient care, transportation management, the movement of products, supply chain planning, and more. Customized solutions are often the best way to seek reimbursement for contract overpayment, budget for your organization, and enhance operating efficiency.
  • Providing clarity on complex contract language. Frequently, healthcare contracts are intentionally crafted to be obtuse, difficult to understand, or overly complicated. When we work with your supply chain managers, administrators, and decision-makers, we can break down vague concepts and educate you on each next step within the contract process.
  • Uncover contractual inconsistencies and errors to ensure operations are streamlined. With predictive analytics and payer expense reviews, it’s easier for you to spot inconsistencies, seek reimbursement for overpayment, and streamline processes that may sometimes be tedious. An automated healthcare contract management system supports our expertise to provide real-time maintenance of all contracts across your hospital. That said, you’re missing out on different types of supply chain analytics that could empower health system growth, especially if you’re still using legacy systems and spreadsheets to navigate the contract process.

Maximize Your Operational Performance, Minimize Risks and Drive Margin Improvement With Contract Management Expertise From VIE Healthcare

For One Client, We Executed a Contract Renewal Which Represented 40% Annual Cost Savings One Year Ahead of the Contractual End Date.

%
Annual Cost Savings
Days Ahead of Contract Renewal