Navigating contracting complexities in Healthcare and Life Sciences with ServiceNow

[Sonal3]

The healthcare and life sciences (HLS)  industry has one of the most extensive and time-consuming contracts and documentation of any industry. This is because healthcare businesses operate in a fragmented ecosystem of third-party payers, providers, vendors, and patients. Hospitals, clinics, pharmacy benefit managers, and other healthcare and life sciences facilities handle a variety of crucial legal documents. The process of adhering to all legal, professional, and ethical compliance standards in healthcare is referred to as healthcare compliance.

Why compliance management is the need of an hour for any HLS organization?

Regulations are varied and complex. Further, to handle the volume and velocity of care delivery, legacy systems, and manual processes are just insufficient. It could result not only in legal liability, hard value leakage due to inaccurate billing or reimbursement, but also skyrocketing procurement prices, and substandard patient results. For this reason, healthcare management professionals need a thorough understanding of laws, compliance requirements, and legal complexities to help ensure that the facilities they work for operating within the law.

There are many different types of HLS contracts, for example,

• healthcare procurement contracts,
• reseller agreements,
• employer agreements,
• clinical research agreements,
• outcomes-based contracts,
• other legal agreements.

Furthermore, all of them need to meet regulatory requirements and maintain a certain degree of compliance. Obviously, all this creates a difficult and tedious situation to navigate. When mistakes occur, organizations with a culture of healthcare compliance seek to understand the root cause and put measures in place to prevent those mistakes from happening again.

Can contract compliance management solutions help overcome healthcare contracting complexities and meet compliance?

The precise answer to this question is YES. In order to keep up with competition and remain focused on their healthcare quality, accessibility, and affordability outcomes in 2022 and beyond, Life Sciences and Healthcare organizations must address contracting complexities using advanced technology. With AI and digital workflows, the entire healthcare supply chain including healthcare networks, insurance providers, and payers can manage complex healthcare contracts with confidence.

[Jamaterasy]

Registered to write here, very curious if there is any way to contact you, other than the link?

[Sonal3]

Hey Jamatersay -  Yes, do send us an email if need to talk further