Compliance risks, lack of transparency and standardization in contract management drive demand for TractManager’s solutions
August 21, 2019
DALLAS--(BUSINESS WIRE)--More than a quarter of the nation’s hospitals, including several of the 10 largest U.S. health systems, depend upon MediTract, TractManager’s industry-leading, healthcare-specific contract lifecycle management (CLM) solution, to streamline, standardize, and manage their contracts and processes compliantly. Today, MediTract announced several “Go-Lives,” of its “gold standard” CLM platform and Compliance Suite, increasing the number of implementations to more than 2,000.
Two hospitals completed successful implementations of Contract Library, the core of TractManager’s CLM platform. A nonprofit health system in East Texas and a large healthcare system in Michigan are now able to take advantage of greater visibility into and control of their contracts and documents with Contract Library.
Many clients have chosen to expand their contracting capabilities by adding Process Manager, which automates, configures, and executes a completed contract. Process Manager reduces contract processing times from months to weeks, and helps health systems control contract workflows, mitigate compliance risks, and implement process and policy controls. Recent implementations of Process Manager include a large nonprofit health system based in North Texas and a large Florida-based radiation oncology provider.
Coupling contracting with compliance is a critical safeguard for hospitals and health systems in today’s regulatory environment. MediTract’s contract lifecycle management platform also features an easy-to-use compliance suite that includes Conflict of Interest disclosure forms that can be readily distributed and completed by physicians, executives, board members, purchasing agents, or other professionals within the organization. Less than four years ago, a health system paid $115M to settle allegations that it violated regulations related to compensation arrangements. Another hospital paid $108M in 2010 to settle claims that it violated the Anti-Kickback Statute. Recognizing the importance of ensuring compliant contracting processes, a multi-facility health system in Central Michigan recently completed a successful implementation of MediTract’s Conflict of Interest compliance module.
Hospitals in Ohio, California, and Arizona recently implemented MediTract’s Vendor Evaluation Form, a compliance tool developed to support hospital compliance with the regulatory requirement to perform an annual evaluation of all vendors whose equipment is used for patient care at the bedside. This online survey module helps users evaluate vendor performance in compliance with state and federal regulations and accrediting agencies.
A Central Pennsylvania hospital affiliated with a renowned academic medical center recently went live with MediTract’s Time and Effort Record Management Service (TERMS). This easy-to-use, online timesheet solution for hospitals and physicians connects physicians’ time and contracts and mitigates overpayment and payment on expired contracts. TractManager’s healthcare experts configure TERMS timesheets by contract, activity, and unit types, making it simple to create a review and approval workflow. Using TERMS helps hospitals avoid problems like that experienced by a Georgia hospital system, which paid a $9.9 million settlement to resolve allegations that it overpaid physicians.
MediTract’s solutions streamline contracting workflow and compliance requirements of healthcare providers of all sizes. And expert on-site implementation teams handle all the details so that users are up and running and fully integrated within a few short months.
TractManager’s healthcare-specific application suite serves three out of five U.S. hospitals. Serving the healthcare industry with integrity for more than 30 years, TractManager is the first mover in strategic sourcing, enterprise contract lifecycle management, and evidence-based data. The company’s more than 450 highly skilled and experienced professionals, operating out of eight offices across the country, help clients to improve cash flows by reducing their capital and nonlabor costs and to conform their contract, policy, and procedure management to meet regulatory requirements.