Healthcare providers have to manage high volumes of complex agreements with suppliers, the physicians who utilize their facilities, and with payers. The challenge is those agreements need to adhere to strict regulatory guidelines such as HIPAA, Meaningful Use, The Affordable Care Act, and Stark Law. Plus, they need to be trackable by various criteria, such as:
- Region and facility
- Rate tables and schedules
- CPT codes
- Non-standard language
It is extremely difficult for providers to stay on top of their volumes of contracts, especially in light of M&A activity, disparate contracting systems, and changing rules and regulations. Conducting manual contract reviews are just too costly and time-consuming.