ProviderTrust and Ntracts have partnered to give healthcare organizations clear visibility into vendor payment eligibility at the time of contract and throughout contract performance.
By integrating ProviderTrust's healthcare data and technology with Ntracts' contract lifecycle management software for healthcare organizations, the partnership aims to improve compliance data hygiene and hold vendors accountable to healthcare compliance and regulatory standards. , the companies said in a report on Monday (October 14). release.
These complementary services allow healthcare organizations to “vet vendors throughout the contracting process and beyond, ensuring that the vendor and its owner are not excluded at any point during the relationship,” said ProviderTrust co-founder. said Christopher Redhage, CEO and Managing Partner. release. “This vendor strategy provides critical insight to make risk-informed decisions throughout the lifecycle of a vendor relationship, ensuring there are no surprises.”
According to the release, ProviderTrust continuously monitors compliance for more than 10 million people and entities, including 3.6 million vendors. Its comprehensive vendor compliance solution ensures payment eligibility, vendor onboarding, and approval workflows. Custom surveys and certificates. Identifying vendor ownership structure.
Ntracts provides contract lifecycle management that helps healthcare organizations reduce risk, maintain compliance and improve contract efficiency, the release states.
With each release, the combined solutions from both companies provide clients with a more complete view of their vendor relationships.
“Together, we will help healthcare organizations efficiently and seamlessly obtain a comprehensive view of their active external parties and their related agreements to enhance compliance with industry regulations,” said Ntracts CEO David Paschall. “We are setting new standards for how additional measures should be prioritized.” said in a release.
Medical centers and other healthcare companies are increasing their focus and innovation budgets on forward-looking procurement technology, according to PYMNTS Intelligence and Corcentric's joint study, “Digital Payments: Modernizing the Procurement Process.”
The report found that 15% of companies in the healthcare sector are currently investing in digital procurement solutions, and a further 45% of such companies plan to invest.
There are unique challenges when it comes to medical procurement and the regulations surrounding it, which may be one reason why procurement innovation has been largely ignored across the sector until recently, the report says. states.
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