Contracting with third party entities accounts for one of the highest cost expenditure for healthcare facilities, second only to employee costs. An organization's contracting processes also introduce a considerable amount of regulatory risk into what appear, on the surface, to be common day-to-day tasks.
Taking proactive measures including increasing access and visibility as well as establishing controls for contract management operations not only saves an organization's money but greatly reduces the risk of violations and non-compliance of the laws, regulations and standards that they are required to operate within.
Physician/Vendor Payments – By managing all contracts in MediTract, organizations can easily identify fraud and abuse focused within payments outside of contractual provisions to include over/duplicate payments to Health Care Professionals (HCPs), Fair Market Value (FMV) outlier payments, payments on expired or unsigned agreements and payments on expired/unenforceable contracts.
Service/Material Vendors – MediTract gives administrators a powerful tool which identifies waste by managing fees, accelerator provisions, end of term cost increases and by providing all the data necessary to consolidate/standardize vendors and services, resulting in lower costs. MediTract eases the evaluation of service providers contracted for same/similar services and helps to identify multiple agreements with the same vendor, allowing for weighted scales of economy when negotiating aggregate rates.
Conflict of Interests – MediTract's Conflict of Interest Disclosure Statement Service (COIDS) can be used to reduce fraud and abuse by providing a means to proactively identify potential conflicts of interest between third parties and the organization and documenting the moral/ethical decision-making processes of mid-level to Executive Management and Board members. Operational, fiscal and reputational risk elements are reduced/alleviated when full disclosure and accountability exist at all levels. Non-profit tax exempt organizations utilize COIDS for completing IRS Form 990 Schedule H, which requires the reporting of these disclosures and possible conflicts to include resolution planning detail.
Compliance with Joint Commission Contract Language and Monitoring Requirements – Custom fields within the solution enable administrators to document an unlimited array of standards of care performance measurement details, which enhance reporting capabilities and demonstrate an organization's adherence to Joint Commission leadership standards, LD.04.03.09 requirements and CMS Conditions of Participation. Quality monitoring of clinical and nonclinical contracts, results in reduced waste and increased effectiveness of overall operations at the fiscal level.
Contract Review, Creation and Workflow– MediTract provides a powerful embedded workflow engine called Contract Collaborator, which enables organizations to review existing agreements before expiration. This helps organizations to better evaluate the feasibility of continuing/renewing the contractual relationship based on the services rendered or the material oriented benefits. Contract Collaborator also allows contract originators to review and negotiate more powerful/beneficial terms and provisions by providing access to compliant, pre-approved, standardized contract language which increases the material value of each agreement, thereby reducing waste, abuse and possible fraud.
Corporate Integrity Agreements (CIA) - MediTract has been called in on hundreds of instances to address specific areas of concern covered in Department of Health and Human Services (HHS) Corporate Integrity Agreements (CIA). Currently, MediTract is used by fourteen parent healthcare organizations and a total of 37 subsidiary affiliates under CIA where a centralized, real-time and on-demand functional contracts database with enterprise access to "One Version of the Truth" is the cornerstone to helping them meet their legal and fiduciary responsibilities.
For more information or to schedule a demo of MediTract's TractManager® solution, contact firstname.lastname@example.org,
or call 1-877-492-8490 to speak with a client relations representative directly.