Hospitals are faced with ever changing and growing compliance requirements that can be challenging and time-consuming. Prominent examples include managing various physician and service agreements and keeping up with regulatory compliance standards such as HIPAA, JCAHO, ARRA and other state and federal agency regulations. Stricter guidelines and greater oversight and enforcement have caused healthcare organizations to seek a solution that will simplify the contract management process across the entire enterprise.
Effectively managing contracts can save your healthcare organization a substantial amount of money on an annual basis as well as freeing valuable resources for mission critical initiatives. According to Pricewaterhouse Coopers, organizations could realize a savings that equal up to 2% of their total annual costs by eliminating inaccuracies and noncompliance through contract automation. Therefore, a hospital with a $100 million budget could save two million dollars annually with an effective contract management system in place.
iContracts Universal Contract Manager (UCM) streamlines the process of contract and compliance management for healthcare providers, enabling a comprehensive approach to regulatory compliance and risk management. UCM helps manage contracts and agreements such as physician agreements, managed care agreements, conflict of interest, credentials, vendor agreements, employment agreements, background checks and much more. Search and find contracts in seconds, track the terms of your agreements, set up automated reminders for key milestones, store all contracts electronically in a central repository, generate customized reports and support both internal and external auditing.