Contracting: Stay on top of contracts

Q. How can contract management benefit and lengthen the relationship?
Friday, June 21, 2013

A. Being able to provide information quickly and efficiently to your customer as far as trends and outcomes is critical to maintaining long-term contracts. Creating a contract review process will allow the payer to see your company’s process improvement plan and your overall commitment to its business. Using your automated systems will also facilitate quick, accurate reporting tools. Here are some of the benefits.    

Contract Authoring

The creation of the contract is easier with automated contract management. The author can create standardization with familiar word processing tools, as well as with standardized language that can be included depending on the type of payer type agreement.

Obligations Management 

Managing the contract ensures the deliverables are met and the value of the contracts are being recognized. Maximize contract value with fulfillment tracking, automated alerts linked to expirations, renewals, and key events.

Payment Oversight 

During the contract process, both companies enter into the agreement with the best of intentions, but the implementation of the contract can be a complex process. Underpayments, lack of payment or payer errors, such as failure to load a current fee schedule, paying from the wrong fee schedule, inappropriate application of edits or other clerical errors, can arise.   

Staying on top of contracts by addressing contract needs and expectations is necessary. It now becomes more than just about the cost of the delivery; it becomes a viable relationship that is hard to terminate.

Martha Bowers is a business consultant and owner of The Bowers Group.  She can be reached at 714-470-3541 or