Healthcare

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

Name: Hospital Contract Management Finds Its Solution Through AI-Powered Contract Lifecycle Management
Uploaded: 2023-12-14T09:53:44.000Z
Description: Healthcare systems waste $157 billion yearly on manual contract processes, but AI automation is transforming how hospitals manage agreements

Healthcare systems waste $157 billion yearly on manual contract processes, but AI automation is transforming how hospitals manage agreements

This story was produced through MarketScale. See how Healthcare teams put it to work with Executive Thought Leadership.

By Kevin Stevenson · December 14, 2023, 9:53 AM UTCAi-powered Contract Life Cycle ManagementContract Life Cycle ManagementHealthcare SolutionsI Don't Care Podcast

Key takeaways

Healthcare systems waste $157 billion yearly on manual contract processes, but AI automation is transforming how hospitals manage agreements

The healthcare industry incurs approximately $157 billion annually due to outdated and manual contract management processes.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.

The healthcare industry incurs approximately $157 billion annually due to outdated and manual contract management processes.

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."

It's incredibly important for hospitals to have a trusted partner that can handle these types of things because we have so many contracts.
— Kevin Stevenson, Hospital Administrator

Video TranscriptExpand ↓

I'm a very big proponent of organizations that can assist us in the entire contract life cycle. Contract life cycle management as ICE is the process of taking a contract all the way from creation to approval and then monitoring its process, watching for expirations. And it's incredibly important for hospitals to have a trusted partner that can handle these types of things because we have so many contracts, whether it be between vendors physicians. You name it. We have lots of contracts in hospitals. And so I think that we certainly benefit from using a vendor that can manage that because they have a broader base of experience than maybe somebody in house. It's also, overall, I would a bit less expensive than frankly having a contracts department, which is going to involve in house attorneys. And so I'm a very big own of organizations that can assist us in the entire contract life cycle.

About the author

Kevin Stevenson

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