Two-thirds of U.S. hospitals and health systems use one or more TractManager solutions to address significant challenges in Contract Lifecycle Management, Strategic Sourcing, and Provider Management. “We streamline and automate workflows on an extensible, technology-enabled platform that provides transparency in pricing, contract, and provider data and supports smarter decision-making across the healthcare enterprise,” says Patrick Flynn, Chief Product Officer, TractManager.
A significant pain point for every organization is the time spent on administrative tasks, including managing contracts, obligations, and their associated risks. It’s no accident that 12– 15 percent of contracts are lost (Aberdeen), and not surprising that 85 percent of legal professionals identified time spent on administrative tasks as their biggest pain point (Aptus). When contract lifecycle management is siloed within departments rather than centralized in a transparent repository, organizations cannot proactively assess or manage their strategic contract assets. This results in lost savings opportunities and greater exposure to non-compliance risks.
In addition to driving both organizational and regulatory compliance, TractManager’s Contract Lifecycle Management platform delivers a 40 percent reduction in administrative costs and enables 50 percent faster contract negotiations and 60 percent faster contract cycles. With the support of our MediTract CLM platform, a 600-bed academic hospital on the West Coast reduced its operating expenses by 50 percent while saving $1M. “With twenty years of experience behind us, we’ve learned that you can’t control your costs if you can’t manage your contracts,” says Flynn.
In addition to supporting transparent management of contract assets, TractManager’s Strategic Sourcing solutions identify costs contributing to margin erosion in health systems, and support Supply Chain teams with unbiased clinical evidence and price benchmarking data at the local, regional, and national levels.
TractManager’s third solution pillar supporting operational, financial, and regulatory health is Provider Management. Challenges associated with provider credentialing and denials management can jeopardize up to five percent of a health system’s net patient revenue. Yet more than 90 percent of denied claims are totally preventable and two-thirds are recoverable (Advisory Board).
TractManager’s NCQA-accredited credentialing program standardizes and expedites the process for provider credentialing, onboarding, privileging, and enrollment to increase productivity and eliminate delays in revenue capture. The company helped a Mid-Atlantic, 36-facility medical group reduce enrollment-related denials by 50 percent while improving enrollment times by 125 percent.
“We’re able to deliver these results by centralizing all provider contracts in a single digital repository that tracks required data for managing compliance requirements. And our provider management services ensure timely credentialing, recredentialing, enrollment, and ongoing monitoring of the participating network to shorten time to revenue while governing provider data accuracy and security,” says Flynn. “We think of TractManager as a health system for the nation’s health systems. Every organ transplant, every heart surgery, every knee replacement is made possible by a vital but often unseen infrastructure.” And while the people running these day-to-day operations might not appear in the headlines, or receive acknowledgment from patients, they are the foundation on which a health system’s future success is built.
With executive involvement, best-in-class technical solutions, extensive data and analytics, and specialized advisory services, TractManager enables healthcare systems to make smarter decisions supporting smarter healthcare, and that's something everyone can celebrate.