4 Ways to Streamline Healthcare Contract Management

Healthcare is one of the most complex industry that deals with a tremendous amount of information. Contract management solution supports healthcare providers to improve efficiency, minimize contracting risks, improve payment accuracy, and more. According to the recent survey, the global healthcare contract management software market is projected to reach USD 1,763 Million by 2024. There are numerous contract workers management solutions available in the market for the healthcare industry. However, most of the contract management solutions are not flexible and scalable enough to meet the customized requirements of the rapidly expanding healthcare organizations.

Microsoft SharePoint is the most promising healthcare solution that streamlines the entire organizational process. It is a HIPAA compliant platform that offers innovative features, customized solutions as per need, high flexibility to seamlessly integrate with third-party digital tools, and more at a reasonable price. Let’s dive in to understand how SharePoint Contract Management software addresses the challenges of the healthcare industry. 

Rich Set of Basic Features
SharePoint offers abundant basic features applicable to healthcare contract management. It provides real-time dashboards to the administration throughout the process by storing all files in the single location during the creation, review, and approval process. It ensures complete awareness during the contract authoring

It allows the creation of unlimited form templates such as Employee contract, Lease Contract, and more. It supports automated approval workflow with a customizable path along with digitizing the signing process via integration with e-signature software. Moreover, it provides automatic Email notifications for the upcoming expiration and renewal of a contract.

Advanced Contract Management Features
SharePoint contract management solution improves risk management by maintaining and controlling your contractual agreements. It facilitates you to reuse approved standard contracts from the created libraries. Also, it can seamlessly integrate with any third-party tools like CRM, HER/EMR, HR, ERP, and more. SharePoint based contract management software automatically generates reports and creates an audit of contract-based user activities and ensures tracking compliance in real-time.

Security Features to support HIPAA
To support the Health Insurance Portability and Accountability Act (HIPAA) compliance, SharePoint allows restrictions to PHI by providing various user permission levels. It means that only authorized users can view, edit, or share healthcare documents and related contracts. It also allows the creation of user-based and location-based rights. SharePoint provides strong passwords to identify and track users. It ensures two-factor authentication for completion of the user verification process. 

Advanced Security Management is one of the latest features of SharePoint that helps healthcare to optimize the risk analysis of their patient’s healthcare information (PHI). It can easily track if uploaded data contains any sensitive information such as PHI and either blocks it from being uploaded on the web or can alert the end-user. Another feature, Information Rights Management (IRM), help ensure the security of PHI and other healthcare data by automatically encrypting and protecting data that is being shared outside the healthcare organization.

Easy to Adopt and Affordable
If a healthcare organization already has SharePoint as a portal solution, then they can consider proceeding with a contract management solution based on SharePoint. Hence, it eradicates the need for introducing a new system, and providers can reduce administrative and subscription costs. It offers an intuitive and user-friendly interface that requires minimum training, and users can quickly adapt the software. SharePoint contract management software provides the highest flexibility in terms of tailored made solutions as per the needs and organizational structure of the healthcare provider.

To conclude, due to enhance functionalities and features, SharePoint is the robust solution for streamlining contract’s lifecycle management for your healthcare organization. Therefore, choosing the right SharePoint consulting company will help you develop collaborative solutions that best suit your healthcare industry.