The U.S. healthcare industry is faced with constant disruption with new market requirements, new regulations and evolving reimbursement rates structures. Payers need to be able to adapt and respond to these changes faster in order to continue to thrive and remain competitive in this new age of digitization.
What exactly will this ‘new age of digitization’ do for payers you ask? Well, besides automating contract administrators' tedious daily tasks, pretty much anything. Except make coffee - but now you’ll probably have time for that.
Contract administrators create, update and execute thousands of contracts and amendments in response to mandates and market conditions. What’s a typical day like? Wasted hours entering contract data into demographic systems, reimbursement systems or claims systems and even good old spreadsheets. Each contract is manually entered into disparate systems that don’t talk to each other, which can end-up causing duplication, or worse, incorrect data.
By going digital, you can automate this entire process with contract management software, eliminating the need to manually enter information. Your contract managers and administrators can easily create and amend provider contracts through a guided creation 'interview' complete with approved language and standard terms, and automatically route it to the right person for review and approval. Critical data points such as updated rates or new mandate details can be automatically extracted and fed into downstream systems. Once your contracts are transformed into intelligent data, your ability to improve processes, quality and cost reduction grow exponentially.
Now you actually have time to take lunch with your colleagues.
Before entering this new world of digitization, everything was manual. And the worst of these manual tasks was making mass amendments. Imagine a new state regulation is put in place, requiring you to amend all existing contracts or risk overpaying providers for services, failing to pay them on time and straining relationships, or signing an unprofitable or noncompliant agreement. Now think of all your existing agreements that you need to identify, re-read, amend and then sign or send off to all parties. Missing just a handful of contracts could open up the company to untold risk.
With contract management software that leverages your contract data, you can easily access all agreements for mass amending. Likewise, this type of insight means that you can track and report on all contracts that are for renewal, allowing you to renegotiate more profitable terms. Never be at a competitive disadvantage again.
Provider contracts are complex, but the way you manage them doesn’t have to be. An outdated process can severely harm your bottom line, but by adopting contract management software like Exari, you can easily enter the new age of digitization. It will help you improve operational efficiency, eliminate delays and high costs, and allow you to focus on leveraging your contract data to drive business instead of letting manual processes weigh you down.
Think of the possibilities. With contract management software designed with payers in mind, you’ll now able to leave work on time, and perhaps join your friends at happy hour.
Exari’s contract management software offers a better solution for healthcare payers. Download our eBook Think Forward: Contract Management for Healthcare Payers to learn more.
Looking to replace your existing IBM Emptoris solution? We have a complete migration plan and experts with over 100 combined years of Emptoris implementation experience. Contact us now here for a free consultation on how we can seamlessly transition your existing contracts over to Exari’s contract management platform.