How Healthcare Financial Executives Can Look to Their CLM Solution to Add to Their Bottom Line

A Contract Lifecycle Management (CLM) solution that has been well implemented and finely tuned to the specific needs of a healthcare organization can drastically improve an organization’s productivity, contract visibility, and risk profile – all of which point directly to the bottom line. Automating your entire workflow from contract origination to approval routing notifications to digitizing the signature process frees up personnel resources and uncovers cost savings that can more  directly support the health system’s priorities.

• Gain Visibility – Having the ability to immediately access specific, quality data, allows organizations to make informed decisions and gives financial teams real-time information.

• Avoid Unintended Auto-Renewals – Use data and built-in notifications to make timely decisions about terminating contracts before they auto-renew, if necessary, to achieve cost savings. Leverage a contract lifecycle management solution to monitor contract milestones and set reminders well in advance of renewal dates, ensuring all actions align with your business strategy and contribute to cost efficiency.

• Contract Consolidation – Typical savings identified from contract consolidation amounts to an average of 10% of the total contract value.

• Avoid or Reduce Contract Overpayments – Continuing to pay vendors whose contracts have expired not only exposes the organization to additional expenses but also to additional regulatory risks.

• Eliminate Payments on Expired Contracts – CLM solutions proactively notify users of upcoming milestones and allows users to take control rather than assuming vendors will deliver on promises made.

• Mitigate Risk of Non-Compliance and Reputational Harm – The ability to evaluate contractual data against payments—often payments to physicians—allows organizations to monitor for potential fraud. By proactively reporting payment discrepancies and voluntarily disclosing evidence of potential fraud, providers can avoid many of the costs and disruptions associated with a government-directed investigation and civil or administrative
  litigation. The financial repercussions can be much higher if not identified and self-disclosed.

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