Best Practice Contract Life Cycle
MediTract understands the processes hospitals use to contract physicians, vendors and service providers. That’s why we’ve developed an end-to-end solution founded on our experts and technology to provide you with resources and expertise at every stage of your contract life cycle.
Hover over the contract life cycle phase to learn more about it.
During the initiation phase, a hospital has identified a need for a contract. Typically, a service line administrator will begin groundwork, such as a fair market value review. At this phase, MediTract offers Process Manager, which is our contract life cycle management solution, as an automation platform for contract work flows.
During the contract requisition phase, a hospital completes its precontract requirements. A service line administrator or director of contracts will begin completing a needs assessment form. At this phase, Process Manager and Conflicts of Interest Disclosure Statements, which is our online solution to surveying and managing conflicts of interest, help prepare the contract for drafting and negotiation.
During the monitoring phase, a hospital can run reports, evaluate vendor performance, collect timesheets, receive critical date alerts and perform periodic reviews. MediTract offers many solutions for contract management, including:
During the negotiation phase, a hospital performs internal and external negotiations. At this phase, a director of contracts can use Process Manager to distribute the terms and conditions to the necessary parties within the hospital and at the vendor for comments and changes.
Review and Approve
During the review and approval phase, a hospital reviews the contract to ensure it meets the requisition requirements made known in the previous stages. A director of contracts, legal, finance or executive leadership can redline and set approvers of the contract. MediTract offers two solutions, Process Manager or Contract Collaborator (which is part of Contract Library), to help hospitals approve contracts.
Sign and Activate
During the sign and activate phase, a hospital executes the contract by signing and storing it in Contract Library, which is MediTract’s contract management solution. A service line administer or director of contracts can use the digital signature feature of Process Manager to maintain an automated, paperless process.