Outsourcing is the preferred choice in today’s heavily poised and competitive healthcare insurance industry, or for that matter any industry that requires a supply chain audit. Contract management services are the administrative operations that looking into the company’s contract life-cycle right from request to authorization.
Outsourcing CMS provides healthcare payers an enterprise wide contract management features like:
- A comprehensive inventory system; a database system from which contract details can be retrieved easily.
- Reduced costs through timely compliance, easily integrated with back office systems, also a real time view about upcoming contract details.
- Payers who have outsourced their services have benefitted by the experience through accelerated contract cycle time, lowering the operating costs, enhanced insights and minimized delays.
There are two major functions that a contract management company has to overlook. The first is an administration given to insurance providers who require one or more number of their contracts to be overseen by the experts. The second contract administration is the point at which a provider requires their contracts to be fully managed by an outsourcing company. Healthcare contract administration is especially prominent amongst self-employed entities who undertake several contract a year. This function also includes tax collection and financing challenges and as they need to complete the account verification.
The management services offered through outsourced companies generally comprise of:
- Contract creation so that only tax compelling contracts are utilized.
- Tax advice and tax avoidance advice, depending on the contract life-cycle.
- Financial assistance, to keep the agreement intact, if the client is out of monetary fund to manage the business proceedings.
- Accountancy administrations.
There are contract management services (CMS) that deal with the whole contract life-cycle for various departments. For those organizations that do not have the capacity to purchase or practice on the CMS related functions, outsourcing the services to offshore entities works greatly.
The CMS services usually consist of:
- Confidential utilization of a CMS.
- Contract drafting.
- Drafting of any Service Level Agreements (SLA’s) that might be required.
- Contract management through its life-cycle.
- Management of any Service Level Agreements (SLA’s) appended to the contracts.
- Management of contract related issues.
- Exception administration when changes to the contract happen or if they are affected by either party.
- Management of contract grants.
- Managing risks as they apply to the contracts.
- Warnings and mailers when contracts are expected to terminate.
- Automatic renewals of contracts when they are about to expire.
- Managing the information on the performance of the contracts, including any issues and special cases that may have happened.
It is worth making a note that contract management services are especially prominent with local governments, government departments, colleges, and hospitals and so forth. This is mostly because of the need to be seen unbiased or fair-minded in their contract grant and administration. Also another benefit is the lowering of the contract costs that amount to huge sum if done with an in-house department. Numerous healthcare payers are finding it very practical to outsource their services in one specific industry.
Inniti’s contract management services provide organizations to manage the contract lifecycle right from request to authorization and from renewal to expiry. Also our easy and up to date automated process helps maximize and improve the work flow. #InnitiCounts