Increased scrutiny by compliance regulations such as HIPAA (Health Insurance Portability and Accountability Act) for the healthcare industry warrant the need for well-defined operating procedures. Automated artificial intelligence based contract management for healthcare organizations will ensure easy contract authoring, generate real-time visibility into contracts such as Business Associate Agreements even at clause level, and drive compliance throughout the lifecycle. As a compliance and risk officer, you can thus focus on doing the right things rather than grapple with paper, image or even MS Word based contracts.
Ultria CLM—Enterprise Contract Management Software—enables healthcare organizations to streamline all contracting processes, reduce risks, and design a better compliance management framework
- Create and e-sign personalized Business Associate Agreements (BAAs) “hands-free”.
- Track data comprehensively to ensure all compliance documents such as those for Health Insurance Portability and Accountability Act (HIPAA) are valid.
- Ensure invoice compliance for providers and practitioners to feed into balanced scorecards to reduce overcharging.
- Track milestones and ensure enforcement of penalty clauses, e.g., civil and criminal penalties for the BAAs in case of violation of HIPAA, False Claims Act, etc.
- Maintain an audit trail for all the changes made to a contract.
- Establish standardized workflows with multiple reviewers and approvers, as required.
- Generate reports to increase transparency and accountability.
- Store and manage contracts and compliance documents within a searchable and secure repository.