How Healthcare Can Benefit from Contract Lifecycle Management

Professionals in the healthcare industry are faced with evolving compliance requirements that are time-consuming and challenging. This growing complexity is evident in the organization’s contracts. The arduous process of managing various physician and service agreements, along with regulatory compliance such as HIPAA and other federal and state regulations are causing hospitals and healthcare providers to seek a solution to simplify and streamline the contract lifecycle management process.

Contract Lifecycle Management for Healthcare

A contract lifecycle management solution can help healthcare providers save time while continuing to provide great healthcare. A CLM Solution ensures that hospitals control every stage of the contract, from authoring to approvals, thereby safeguarding that the organization maintains compliance. A CLM will allow your entire portfolio of contracts to be visible, searchable and secure. Healthcare professionals will be able to sift through much data quickly, reducing human errors; this enables healthcare providers to make faster and smarter decisions.

The University of Chicago Medicine’s CLM Solution

The University of Chicago Medicine and Biological Sciences, one of the nation’s leading academic medical institutions, has been at the forefront of medical care since 1927, when it first opened to patients. Today, it comprises the University of Chicago Pritzker School of Medicine; the University of Chicago Biological Sciences Division, a section committed to scientific discovery; and the University of Chicago Medical Center, consistently ranked among the best hospitals in the nation by U.S. News & World Report. Twelve Nobel Prize winners in physiology or medicine have been affiliated with the University of Chicago Medicine.

The University of Chicago medicine is a 617-bed adult and pediatric hospital with an operating income of $1.5B. It’s 800+ faculty is among the Top 5 U.S. medical schools know for generating federal dollars per faculty.

Check out our case study and learn how The University of Chicago Medicine:

• Improved Contract Lifecycle Management
• Fostered a culture of collaboration with suppliers and sourcing staff
• Boost Compliance to Policies and Regulations

Discover Ivalua’s CLM Solution

That is why, at Ivalua, we decided to create a comprehensive CLM Solution. With the Ivalua Solution, you can:

• Leverage a single, central repository providing global visibility over all contracts
• Reduce Contract cycle times through interactive negotiation between parties and streamlined approval processes.
• Manage and Automate Contract renewals, price changes, expiration notifications and terminations