FEBRUARY 2025LIFE SCIENCES REVIEW 9UTILIZING TECHNOLOGY TO IMPROVE CONTRACT MANAGEMENTAmbulatory Patient Grouping); therefore, some of your built-in systems will require a third-party vendor.Without internal resources to build the contracts in your organization, a third-party vendor can offer some benefits. These external resources provide expertise on contract management and free up time to focus on other areas. One disadvantage of third-party vendors is losing the ability to control contract management and placing it in the hands of an outside entity. You might not be able to see how the software calculates the reimbursement for troubleshooting payment variances. It is essential to know that not all vendors are the same, and you want to ensure that the software meets your organizational needs. Verify that the software is capable of all payment methodologies, including commercial, Medicare, and Medicaid. Make sure their processes align with your revenue departments, and carefully review the types of reporting tools they offer. Determine if patient estimates can populate into the EHR from their rates. With either approach, conducting thorough research on the pros and cons will help you decide whether to keep contract management in-house or use a third-party vendor. Reaching out to your EHR representatives can be a great resource, offering recommendations that work best with their system.The technology considerably impacts the contract management process, whether managing the volume of contracts and keeping track of renewals or building contract rates. It can alleviate healthcare organizations' payer challenges and address communication concerns within departments. As the director of contract management at Wellstar Health System, my role initially was to guide my contract build team as we transitioned from third-party vendors to building payer contracts within the EHR. My team built all our contracts directly into the system a year later. We now use reporting tools to track our accuracy and spot variances before they fall through the cracks. Workflows and standardized policies keep communication fluid with the Revenue Cycle departments. Our contracts allow patients to see their procedure price estimate before making an appointment, and we can offer contract modeling to the negotiation team when contracts renew. These benefits demonstrate enhanced accuracy, efficiency, and patient experience, so I recommend building contracts in your EHR. The technology considerably impacts the contract management process, whether managing the volume of contracts and keeping track of renewals or building contract rates
< Page 8 | Page 10 >