CLM liberating the Health Care Sector

Here is why Health Care Industry cannot ignore CLM

The novel Coronavirus outbreak put the healthcare system on the brink of its ability to deal with an unpredictable event. While the rest of the world went virtual, the healthcare business had to stay away from homes, handle the flood of patients, and help all in fighting the virus. However, given the pandemic's patient-centric norms, the sector must use contract lifecycle management (CLM) technology to streamline the service's details. There are compelling arguments for this necessity at the current moment.

➔ Information Security for Patients
Nearly every day, a massive amount of confidential health information reaches health centers. Patients' personal information, psychiatric evaluations, and clinical notes are among the data that must be kept private. The Indian Medical Council (Professional Conduct, Etiquette, and Ethics) Regulations, 2002 also banned licensed medical practitioners from exposing patient secrets learned while practicing their profession.

Nevertheless, healthcare institutions that mechanically manage patients' data are constantly in danger of security breaches, which is unaffordable. Adopting CLM technology will allow them to keep all transactional records for patients in a secured data repository, removing the prohibitive risk of unauthorised access.

➔ Saves Time
Particularly in hospitals, time is salvation. Recording and reporting patient-hospital contracts, such as intake and permission documents, as well as hospital-specific contractual arrangements, such as Vendor Contracts and Internal HR Agreements, is necessary yet time-consuming. Such important contacts need many approvals from concerned specialists or administrative employees.

The paperwork requires hospitals' time with laborious contract procedures, lowering the overall healthcare industry's operational productivity. Healthcare institutions that use CLM technologies like quick e-signature and industry-specific contract templates, on the other hand, may speed up authorization times and improve the quality of care.

➔ Examination of Insurance Claim Objections
Health insurance helps patients pay for expensive medical bills and allows hospitals to recoup the money. To run their revenue cycle successfully, hospitals need strong cooperation between patients and health insurance companies. An insurance claim denial, on the other hand, is the last thing a patient wants following a high-cost medical bill. Hospitals also face unwelcome problems as a result of claim denials.

CLM technology can greatly aid in the prevention and resolution of such rejections. How? By allowing:

• Health insurance providers draw up, start negotiating, and e-sign regulations with clients in a streamlined and straightforward manner to avoid potential inconsistencies, and
• Hospitals use CLM technology's advanced and powerful dashboards to monitor and maintain payments and make a claim and rapidly identify and correct the origin of claim refusals.

➔ Real-time monitoring
In hospitals, contracts between physicians and nurses, vendors, and business associates are common. They need continual monitoring to ensure that compliance and timelines are met. With patients always walking through the door, health professionals must frequently combine patient care with contract management.

Healthcare professionals who use CLM technology may focus on their patients instead of worrying about contract administration since they receive automatic, timely warnings on compliances, timeframes, and payment deviations, among other things.

➔ Telehealth
The increased demand for socially-distanced medical treatment has fueled the growth of telehealth. Online medical appointments in India increased drastically in 2020. By 2025, the Indian telehealth business is expected to turn around into a billion-dollar game. However, the expansion of teleconsultation and tele-prescription solutions has left the healthcare industry with additional issues, such as:

• Privacy of patient information disclosed throughout teleconsultation
• The genuineness of explicit consent
• Authenticity of prescription slips

AI-powered CLM may eliminate such inefficiencies by allowing doctors and patients to electronically sign patient enrollment papers, informed consent, prescription slips, and other documents, assuring documentation authenticity. Patients' electronic medical records can be stored in a cloud repository, making them highly accessible to both the patient and the practitioner.

Bottom Line:
To summarise, paper processing wastes time and money in medical institutions. The days of compiling and storing patient-related documentation in cabinets are completely forgotten. Large-scale, dependable, and user-friendly archiving solutions are needed in today's healthcare institutions. By upgrading cabinets with CLM technology's cloud storage, they will be able to reliably store and retrieve a range of medical and non-medical documents and contracts, reducing the time & expense invested in the retrieval of information.

The causes for CLM applications and systems in the medical business are not comprehensive. CLM driven by AI has the potential to transform how healthcare facilities balance contract administration and successful patient care.

Do you want to learn more about CLM technology? Schedule a demo or a free trial with #Manucontracts TODAY!