Top 3 Healthcare Contract Management Software

Top Healthcare Contract Management Software – Meaning, Types, and Best Available Options | The healthcare sector nevertheless faces a variety of particular difficulties, including changing regulatory requirements, growing costs, declining government financing, and more M&A activity that burdens an already resource-constrained business. These changes also bring about a great deal of complexity, which is reflected in the contracts, contracting procedures, and general healthcare contract management software strategy of your firm.

Managing healthcare contracts and related documents is difficult due to the laborious process of managing various physician, payer, BAA, and service agreements, as well as ensuring and maintaining compliance with regulatory compliance requirements such as HIPAA, JCAHO, Medicare, and other state and federal regulations. To modernize, digitize, automate, and streamline the contract lifecycle management (CLM) process, many businesses, including yours, are implementing healthcare contract management software.

What Is Healthcare Contract?

Between agreeing parties, such as healthcare providers, managed care organizations (MCOs), pharmaceutical firms, patients, hospitals, vendors, and workers, a healthcare contract creates a legally enforceable agreement. A healthcare contract specifies each counterparty’s obligations, tasks, and compliance with local, state, and federal legislation. Without the appropriate elements, a healthcare contract may put counterparties in danger.

What Is Healthcare Contract Management?

Effective healthcare contract administration streamlines digital systems by centralizing counterparties and completing contract lifecycle management processes, including electronic signing, from contract requests to renewals. Spreadsheets and wet signatures are examples of separate procedures in healthcare contract administration that can reduce effectiveness, raise unnecessary risk factors, and threaten the security of your healthcare firm.

Types of Healthcare Contracts

1. Entry-level Contract

These contracts give the contractor the right to provide a certain set of services to a specific beneficiary group. The conditions under which the contractor is and shall be entitled to reimbursement are set forth in the contract. Under such contracts, the contractor is under performance pressure to uphold a bare minimum of service quality and draw in customers.

2. Service Contract

In these contracts, the authority lays out the scope of services that the contractor must offer to a particular group of individuals for a given amount of time. Service Contracts operate differently from entry contracts since service consumers are not given the option to choose their service providers. However, the contract will specifically outline the level of service that is required as well as how quality will be measured.

3. Concessions 

These are formal contracts that give the authorities the go-ahead for a certain contractor to offer a specified range of services to a specified audience for a predetermined amount of time. In contrast to entrance and service contracts, concessions require service users to pay for the goods and services they use.

Top 3 Popular Contract Management Software for Healthcare Industry

1. ContractWorks

Managing contracts quickly and economically is easy with ContractWorks. Their enterprise contracting solutions are appropriate for the manufacturing, healthcare, government, non-profit, and technology industries since they require a top-tier CMS to help them stay compliant and lawful.

ContractWorks includes a contract repository that makes it simple to store, browse, and locate each contract you’ve produced as an enterprise contract solution. ContractWorks offers free tools to assist you to convert your contracts to a digital version as part of the onboarding process.

This program enables you to add tags and provide contract rights for a more fluid workflow throughout your contract database. Additionally, they provide email-based contract uploads, smart document tagging, permission-based roles, data alerts, and contract annotations. The price ranges represent the range of your contract requirements as a wholesale or retail company. Each tier gives a document limit to help you get started with ContractWorks.

Pricing of ContractWorks: 

Standard – $600 monthly

• Unlimited users
• 2,500 document limit
• 5 electronic signature licenses

Professional – $800 monthly

• Unlimited users
• 10,000 document limit
• 10 electronic signature licenses

Enterprise – $1,000 monthly

• Unlimited users
• Unlimited documents
• 20 electronic signature licenses

2. DocuSign

Perhaps a client, partner, or vendor sent you a document that you needed to digitally sign, and you did so using DocuSign. You might not be aware that DocuSign is the ideal contract management tool for healthcare companies who want to use the program for purposes other than standard contracts.

They don’t just offer APIs for e-signature integration; they also have a Developer Center where you can discover all the tools you need to start modifying their product to your specifications. You can integrate e-signatures into your workflow, record one-click consent for straightforward contracts, manage user rights across all accounts, and receive DocuSign ID verification from signers using their developer API features.

Flexible open-source software like DocuSign can be a useful addition to your healthcare contract management system if your organization has a specialized team in charge of managing contracts.

Pricing of ContractWorks: 

Personal – $10 per month

• Single user
• Send up to 5 documents to sign a month
• Basic fields
• Access to mobile app

Standard – $25 per user per month

• Up to 5 users
• Send any number of documents for e-signatures
• Basic fields
• Access to mobile app
• Notifications
• Personalized branding
• Comments

Business Pro – $40 per user per month

• Everything in the standard field
• Collect payments
• Advanced fields
• Signer attachments
• Bulk send feature

3. Doc 365

Based in Jacksonville, Florida, Dock 365 is a Microsoft Gold Certified Partner with a focus on company productivity, employee communication, and collaboration solutions. The contract management system from Dock 365 is a fantastic option for any enterprise business wishing to enhance its contract management procedures because it is totally based on SharePoint and Office 365. Given that the solution is built on SharePoint, you may easily alter it to meet your organization’s needs. SharePoint complies with HIPAA regulations, so healthcare organizations can use this contract management system.

Pricing: Available on Request

Conclusion

These are just three of the top contract management options on the market, while there are many others. If you intend to use a contract management solution for your healthcare firm, conduct thorough research to ensure that you are obtaining what you require.

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