Healthcare Milestone Reinforces Urgent Need for Organizations to Accelerate Delivery of Secure, Compliant, and Patient-Centric Experiences
Contract Logix, a leading provider of data-driven contract management software, announced that it has experienced triple-digit percentage usage growth within its healthcare customer base as they rapidly accelerate their digital transformation initiatives. Contract Logix has fifteen years of experience working with healthcare providers including hospitals, mental health organizations, and skilled nursing facilities to digitally streamline and automate the way they manage patient, payer, provider, and facilities contracts, as well as satisfy new and existing regulatory compliance requirements.
The 25th anniversary of the Health Insurance Portability and Accountability Act (HIPAA) underscores the critical importance for healthcare organizations to modernize their contract lifecycle management (CLM) practices by replacing manual, document-centric processes with dynamic, data-driven, and secure cloud-based solutions. Prior to the COVID-19 pandemic, 96% of American health systems reported either not having a contract management system and entirely using manual processes or having an outdated and inadequate system to address value-based care.
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Over the past 12-months, Contract Logix has seen a rapid increase in the number of contracts and documents, digital contract requests, completed tasks, and automatic workflows triggered by its healthcare provider customers. This tremendous growth is evidence of the need and desire for the healthcare industry to digitally transform and automate contracting processes to help mitigate risk and increase security, control, and visibility.
Key Facts:
- Healthcare organizations in the U.S. are bearing the brunt of an already-overstretched system reeling from the pandemic, and the need to accelerate digital transformation is now. In healthcare, contracts are integral to employment, care transfer, technology licensing, experimental treatments, confidentiality, and telehealth, among others, and the average healthcare organization might have tens of thousands of contracts covering multiple departments and facilities, as well as payers, providers, and other third parties. The manual approaches to contract management that many healthcare organizations currently use are not only highly inefficient and costly, but they also put those same organizations at risk.
- Contract Logix has fifteen years of experience working extensively with healthcare organizations to help modernize contract creation, negotiation, execution, and on-going management of obligations and date tracking. This long tenure has resulted in deep knowledge of the unique business challenges associated with CLM in the healthcare sector.
- The Contract Logix CLM platform empowers healthcare organizations to digitize all contracts and contracting processes and get complete visibility into contract types such as Business Associate Agreements (BAAs), Statements of Work (SOWs), and Physician Participation Agreements with advanced search, reporting, and analytics. This data-driven approach gives healthcare providers actionable insights that can be used to track key performance indicators (KPIs), medical fee schedules, coding, and other billing and contract requirements.
- The platform’s robust automation and security features address key healthcare privacy needs by ensuring compliance with internal business processes and external regulatory requirements such as HIPAA, Health Information Technology for Economic and Clinical Health Act (HITECH), and Medicare billing. Automated workflows efficiently follow business rules for contract approvals, automated alerts eliminate missed contract obligations and dates, and automated document versioning accurately tracks contract revisions and changes. The platform’s security-first approach safeguards all contract-related patient, vendor, and provider data from unauthorized access via role-based and feature-based permissions with critical certifications including SOC 2 Type II and HIPAA.
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Executive Comments:
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- “Moore County Hospital District is committed to putting patients first by delivering high quality care. It’s critical that our business processes such as contract management are modern, efficient, and compliant, so that this can happen. The ease, intelligence, and automation of Contract Logix’s platform as well as the company’s approach to customer service has allowed us to digitally transform our CLM and focus on high-value activities while assuring compliance and minimizing risk.” – Cody McCutchan, Risk Manager, Moore County Hospital Distric.
- “HIPAA has had a tremendous impact on healthcare organizations and the patients they serve. Over the last 25 years, the need for solutions that help modernize processes, improve operational efficiency, and stay compliant with today’s regulations while being agile enough to evolve continues to accelerate. For over a decade, we have been working with our healthcare customers to help them mitigate risk, reduce cost, and be more patient-centric with a data-driven approach to contract management. Digital transformation is not going away, and contract management plays a foundational role in the success of achieving it.” – Rick Ralston, CEO, Contract Logix