The failure to comply with the myriad of laws and regulations is perhaps the biggest threat to healthcare providers in their industry. Providers are required to enter contracts and abide by them in a manner that reflects professionalism and good practice according to the most updated framework provided by the government.
Storing such contracts in one place can be a challenge and its risks can have various negative implications for providers. Healthcare providers and companies can instead rely on a Contract Lifecycle Management (CLM) software that can significantly reduce the risks associated with failing to meet industry compliance.
The following are 5 ways through which CLM software can help you meet regulatory compliance in the healthcare industry.
What is a Contract Lifecycle Management (CLM) system?
A CLM is a proactive means of managing a contract from the initiation stage all the way to renewal for the sole purpose of helping a corporation meet compliance. Organizations that implement CLM benefit from increased productivity and significant cost savings in addition to reduction in corporate risks. A CLM involves an 8-step method to provide contract compliance which includes capture, track, author, create, approve, negotiate, sign, and analyze.
How does CLM provide compliance?
Store all your contracts in a secure place through centralization
The benefit of storing all your contracts in a secure central location gives you immense ease and sense of security in significantly reducing security risks. This is particularly important at a time where cyber security is rampant and hackers can easily gain access to confidential files and folders and corrupt or steal vital information.
Saving contract files on your network can be risky but through a centralized CLM solution you can relieve any security burdens. This can also help in your reporting and analysis features thereby making the task of reviewing contract and updating them a lot more robust and transparent.
Set controls and processes that ensure effective compliance renewal
The software enables you to make sure that the right people are always involved in updating and reviewing contract compliance. Through a number of permissions and controls, you can determine who gets to view the contract and also change important files to ‘read-only’.
Automate reminders and alerts to keep processes up-to-date
You can also set alarms and reminders through which you can make sure that contract renewal dates are not missed. In this way, you will always make sure that all essential contracts are updated before expiry. In addition, you can also make use of e-mail alerts and customize to-do lists for separate teams to facilitate the contract compliance process.
Instill process visibility through various reporting tools
You have the advantage of a performance dashboard and a number of reporting tools that can increase transparency in the process of updating and renewing contracts to meet regulatory compliance. This will give you the extra layer of assurance in detecting any errors that could slip into the process and avoid substantial risks.
For more information on how a contract lifecycle management can benefit your organization in the healthcare industry, read more on our CLM software or contact our CLM experts directly .