Hospital Contract Management Finds Its Solution Through AI-Powered Contract Lifecycle Management

 

The healthcare industry incurs approximately $157 billion annually due to outdated and manual contract management processes. This inefficiency highlights the urgent need for automated systems, especially with the growing emphasis on value-based reimbursements, and underscores the expected significant growth of the healthcare contract management market.

Recognizing this need, Sirion, an enterprise contract life cycle management company, has partnered with IBM to integrate Watson AI into its contract management system, aiming to revolutionize contract lifecycle management. This collaboration will enhance contract accessibility and insights, with IBM being the first to adopt this innovative solution.

Using AI-powered solutions, can hospitals optimize the extensive contract management process to enhance efficiency and reduce costs?

Kevin Stevenson, a Hospital Administrator and the Host of the I Don’t Care podcast, advocates for using specialized organizations to manage the intricate lifecycle of hospital contracts. Stevenson highlights, “It’s incredibly important for hospitals to have a trusted partner that can handle these types of things because we have so many contracts.”

Follow us on social media for the latest updates in B2B!

Image

Latest

Streamlining the returns process
Minimising Waste, Maximising Reusability of Returned Items: Streamlining the Returns Process with Two Boxes
May 10, 2024

As ecommerce continues to dominate retail, the efficiency of handling returns becomes crucial for customer satisfaction and operational sustainability. The return rates for online purchases are significantly higher than those for brick-and-mortar stores, underscoring a major challenge for online retailers. In this environment, investing in technology to streamline the returns process is essential for […]

Read More
The Surge of Smart Lockers is All Thanks to the Rise of Ecommerce
May 10, 2024

Ecommerce is growing exponentially and companies are constantly seeking innovative solutions to streamline operations and reduce losses. Enter smart lockers, which have emerged as a transformative technology in this context, offering secure and efficient management of packages, documents, and other assets. How can smart lockers specifically enhance company operations and what makes them an […]

Read More
Paris Olympics Could Transform European Travel for Non-Olympic Tourists
May 10, 2024

As the Paris Olympics draw near, the excitement is palpable not just for the sports enthusiasts but also for the travel and hospitality sectors all across Europe. The major sporting event promises a significant influx of visitors, not only to France but to neighboring countries as well, poised to experience a surge in tourism. […]

Read More
Video Monitoring for Public Safety is Now in a Predictive Era
May 10, 2024

The landscape of public safety has been transformed by technological advancements in recent years, especially video monitoring. Once a mere tool for after-the-fact investigation, these systems are increasingly playing a proactive role in crime prevention and safety management. This shift is driven by significant enhancements in video analytics and AI, changing the fundamental approach […]

Read More