Healthcare contract management software: a guide for 2024

Healthcare contracts need to be managed with care and precision.

From patient confidentiality agreements to vendor contracts, the sheer volume of paperwork can quickly become overwhelming for organizations with lean legal teams. 

That's where healthcare contract management software can help.

What is healthcare contract management?

Healthcare contract management refers to the processes involved in creating, executing, and managing contracts between healthcare providers and other parties. 

These contracts can be anything from procurement contracts for medical equipment to clinical trial agreements. It can even be the HR contracts and onboarding documents for the staff they employ. 

But healthcare contract management is complex, and the industry is subject to strict regulations, making effective contract management processes especially important for hospitals and healthcare providers.

Why is effective contract management important for the healthcare industry?

Effective contract management processes enable organizations across all industries to agree contracts faster and reduce routine contract admin. But those aren't the only reasons you should care about improving your contracting process.

The process of creating and renewing healthcare contracts is a complex process, as they often require multiple people to submit, correct, approve, and sign legal documents. This leaves plenty of room for delays and errors without the right process in place.

So, as we’ve established, hospitals and healthcare organizations have numerous reasons to focus on building a more secure and efficient contract workflow. Let's run through them now.

1. Subject to strict regulations

The healthcare industry is subject to numerous regulations, and compliance is critical to avoiding costly fines and penalties. 

The U.S. Health Insurance Portability and Accountability Act, HIPAA, is one of the most common regulations healthcare providers are subject to, and these laws govern how and when protected healthcare data is used and disclosed. 

This, paired with other data protection laws, sets strict standards for how the data within healthcare contracts can be stored and accessed. 

To meet these standards and comply with the regulations’ requirements, healthcare companies of all sizes need a secure and robust approach to contract storage. The overflowing cabinet you’re used to seeing in hospital dramas like Grey’s Anatomy won’t cut it here! 

For many healthcare bodies, providers, and startups, the best approach is to adopt a contract management solution with a data-rich, secure contract repository, like Juro. In fact, Juro is the tool of choice for healthcare companies like Ada Health, Cambio and Eucalyptus.

We’re not spending nearly as much time as a legal team on contracts - legal is saving at least 12 hours a week on contract review by using Juro - Ryan Zahrai, Head of Legal, Eucalyptus 

To find out more about how Juro works for healthcare companies like yours, hit the button below for a personalized demo.

2. Large contract volumes

Healthcare organizations manage contracts with numerous vendors and suppliers, from pharmaceutical companies to medical equipment manufacturers.

With so many different contracts to keep track of, it can be difficult to stay organized and make sure you’re fulfilling your contractual obligations. 

Effective contract management processes can provide more visibility into your contracts and keep you in the loop about upcoming contract deadlines and milestones. This helps to prevent a breach of contract and the costly litigation that might follow.

3. More contractual risk

Healthcare contract management software can transform the manual processes typically used to create, negotiate, approve, sign, store, and track contracts. 

For example, Juro’s flexible and collaborative contract management software enables teams to:

• Safely automate 75 per cent of routine contract admin tasks, with automated contract templates and flexible workflows that allow teams to generate contracts in seconds, with no need for manual drafting 

• Agree contracts up to ten times faster by streamlining collaboration between legal and business teams and bringing collaboration, commenting, contract redlining and approvals into one unified workspace. 

Healthcare contract management software also streamlines post-signature contract management, providing a secure way to store healthcare contracts and manage the data within them. 

Juro’s AI-enabled all-in-one contract management software offers the following features for healthcare organizations looking for a better way to store, track, manage, and report on contracts once they’ve been signed:

• Data-rich contract repository. Juro users can store all of their contracts securely in Juro’s contract repository, creating a single source of truth for your contracts and their data.

• Search functionality. Juro users can search for specific contracts and their data with Juro’s advanced, OCR-enabled search bar. This makes it quick and easy to find and access contracts, rather than searching high and low for the right file and version. 

• Permissions. Contract owners can easily add, remove and group users to restrict access to sensitive contract data. This means that healthcare organizations can strike the perfect balance between having visibility into contracts and protecting confidentiality. 

• Table views. Juro users can run real time, instant reports into their contract metadata, with all of the relevant information captured in table views. These table views can then be shared with the relevant stakeholders to keep them in the loop.

• ‍Key date reminders. Juro’s key date reminders notify you of upcoming contract deadlines and milestones so that your company never misses another renewal deadline or contractual obligation again.

All of this is delivered without compromising on security. Juro has achieved SOC2 type 2 compliance, with all data stored on ISO27001-compliant AWS servers. Juro also encrypts data at rest (256-bit Advanced Encryption Standard) and in transit (TLS) to help keep your contracts safe. 

These stringent security measures give healthcare providers and hospitals peace of mind that their contracts are stored securely and that they’re fully compliant with the rules and regulations they’re subject to. 

We’d advise doing your research here to find out which solutions are best suited to your needs. If you’re curious about how solutions compare, you can read these comparisons.

Which healthcare contract management software is best?

If you’re looking for a secure and flexible way to streamline healthcare contract management, Juro is a great option that enables teams to agree and manage contracts in one unified workspace. 

Plus, we know that Juro is used to collaborate on some of the most sensitive documents in business, especially when it comes to healthcare. 

That’s why we invest considerably in network security measures designed to keep your data safe. You can find out more about our network and infrastructure security here.

To find out how Juro could work for your organization and see the features in action, fill in the form below to book a personalized demo.