Discover Healthcare Contract Management Solutions for Pharmaceutical

Healthcare contract management solutions for Pharmaceutical

today we're going to talk about contract management system and the difference between a contract management system and having a contract performance system so richard and i are going to talk about the differences and what are some of the key aspects to look for as you're measuring your contract performance a lot of hospitals have contract management systems so those are software systems that manage agreements and they're absolutely essential they come in different ways shapes forms hospitals use them in different ways some just put their contracts in them others are putting dates and filling those aspects in and some are really um you know using the contract management system to see what's coming up how they can put that together in a strategy and these are all important i think the gap with contract management systems is really how are you managing the performance of the agreement so what goes on in terms of what's invoiced versus what's on contract how are how are you measuring that so there's this gap right so we help hospitals in addition to having the contract management system we help them measure the performance of their agreement and how we do that is we do that through data analytics and the data analytics is so important because you're able to take the invoices or your utilization data and measure it to your contract what's going on we help support quarterly business reviews every hospital should be having quarterly business reviews with their key vendors and suppliers and number three we're really able to help get those um agreements teed up ready for the renewal so it's it's what are the variations what's the off contract spent what are we doing differently and it's this contract performance that really is a way for hospitals to outperform to do better to what do you think about um you know how we help hospitals with their contract performance so contract management systems are always a little bit false sense of security because a lot of times you see we have a contract management system and then we start to ask for contracts and say oh here are all the contracts and well it's not we look at the spend again you know mapping the spend to the contract is really going to give you the insights on what's going on and a lot of times it's you know missing amendments uh renewals there's auto renewals cpi increases everything that's like embedded in these agreements they're not fully optimized or actually not fully recognized within the contract management system right so our strategies is you know great contract medicine management systems are important but how are you using it to manage your contracts right so it's the spend to the contract what do you have what is missing where are the gaps so it's really important to first and foremost is to map everything from a contract to a spend and you'll see you know maybe you only have 60 maybe you have 50 percent whatever that number is that you need to close it as close to 100 as possible because that's where when you start to optimize your contracts that's when you maximize and optimize your your costs and making sure that you don't pay for anything you're not supposed to be paid for yeah and and that is an absolute great point in that most of the times we're seeing we're asking for contracts we're probably only getting 50 or 60 of it so that's always the first step and then how do you manage so uh we you know welcome reaching out to us if you'd like to learn more about how we help hospitals with their contract management system