Delivers Holistic View of Risk and Obligations Across Managed Care and Network Contracts, Speeds Negotiations, and Helps Ensure the Intent of Every Contract is Realized
Icertis, the contract intelligence company that pushes the boundaries of what’s possible with contract lifecycle management (CLM), announced the launch of Icertis Contract Intelligence (ICI) for Healthcare Providers. The industry-first CLM solution helps healthcare providers accelerate digital transformation by modernizing complex agreements such as payer, supplier, and contract services. The new solution debut follows Icertis’ release of its first vertical CLM solutions, including solutions specifically for Healthcare Payers, as well as Medical Technology companies, in October 2021.
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Icertis made the announcement from the HIMSS Global Health Conference in Orlando, Booth #2341, where Icertians are demonstrating the new solution Mar 14-18, 2022.
Contracts are the single source of truth for healthcare providers’ commercial, operational, and legal entitlements, as well as obligations. Icertis structures and connects this critical data so that providers gain the transparency and agility needed to move faster and deliver on their commitments. ICI digitizes the contracting process, extracts the critical structured and unstructured data in contracts, connects this data to operational surround systems, and uses artificial intelligence (AI) to ensure the intent of every contract is fully realized.
Icertis Contract Intelligence for Healthcare Providers is the only contract management software that digitizes contracts, automates workflows, and includes an AI model built for the provider experience. With streamlined contracting processes and visibility for key healthcare provider agreements, the solution enables provider organizations to focus more time, money, and resources on patient care. The solution:
- accelerates and improves contract negotiations with AI, highlighting deviations from similar contracts to maximize value on new agreements;
- transforms key data, such as fee schedules, into structured data for users to quickly analyze the impact of different contract scenarios during negotiations and for ongoing compliance after signing;
- automates workflow-enabled fulfillment tracking and audit alerting to provide confidence that an organization is covered from a compliance and risk perspective;
- enables mass amendments in clauses impacted by new regulations; and
- offers powerful integrations with ERP, AP, CRM, time keeping, supply chain, and other systems, providing 360-degree real-time analytics to help ensure the value, intent, and requirements of agreements are realized without disruption
“Healthcare providers are navigating unprecedented challenges across the board, including increased industry regulations, changing business models, aging systems, and limited staffing, to name a few,” said Nitin Khorana, Senior Vice President, Healthcare and Life Sciences, Icertis. “Our solution is purpose-built to help them streamline and improve their contracting process. ICI for Healthcare Providers delivers a holistic view of the obligations and risks across all managed care and network contracts, accelerating the process and creating visibility for post-execution management. This results in significant time and cost savings, reduced risk, and direct impact to the bottom line.”
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Many of the world’s leading healthcare, pharmaceutical, and life sciences organizations use the Icertis Contract Intelligence platform to address their sector’s most pressing issues related to contract data. The new industry-specific functionality included in ICI for Healthcare Providers reflects learnings and best practices gleaned from ICI use by innovative customers in the industry, over time.