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The healthcare industry incurs approximately $157 billion annually due to outdated and manual contract management processes.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

grocery prices
Grocery Retailers Need to Adopt Adaptive Supply Chain Strategies to Stabilize Rising Grocery Prices
April 26, 2024

As recent reports highlight a cooling in overall inflation rates, the grocery sector tells a different story. Over the past three years, grocery prices have surged by 21%, outpacing the general inflation rate of 18% during the same period. This divergence is particularly pronounced in certain food items, where price increases have reached as […]

Read More
Cybersecurity Challenges in healthcare
Old Systems are Creating Cybersecurity Challenges for Healthcare Orgs
April 26, 2024

Healthcare organizations face significant hurdles in maintaining strong and secure cybersecurity measures as tech evolves. Some of that is due to aging network infrastructures and high costs of essential software, which have created complex cybersecurity challenges. As healthcare continues to rely increasingly on digital solutions for patient care, the stakes for securing these systems […]

Read More
cybersecurity challenges
Healthcare Providers Must Combine Zero Trust Architecture and Threat Modeling to Address Cybersecurity Challenges
April 26, 2024

In today’s increasingly digital world, the healthcare sector faces significant cybersecurity challenges, necessitating urgent and sophisticated responses. The recent draft guidance issued by the FDA on cybersecurity for medical devices highlights a critical juncture for the industry: the need to implement and scale best practices in cybersecurity is more pressing than ever. As healthcare […]

Read More
New Penalties is a Push to Mitigate Cybersecurity Threats in Telecommunications and Healthcare
April 26, 2024

Cybersecurity has emerged as a critical issue in telecommunications and healthcare—two industries intertwined as essential services. With both sectors recognized as critical infrastructure, the consequences of cyber attacks can be far-reaching, impacting everything from individual privacy to national security. While recent regulatory changes are aiming to tighten security protocols, it also raises questions about […]

Read More