Healthcare’s CLM Software Benefits Explained

Greetings from Volody Products Inc.! One of the most competitive industries existing in the 21st century is the healthcare industry.

How Healthcare industry can benefit from Contract Lifecycle Management Software?

Greetings from Volody Products Inc.!

One of the most competitive industries existing in the 21st century is the healthcare industry. With raise in medical tourism, growing infrastructural facilities in the medical care industry, drug trial, insurance cost, M&A, increased regulatory requirements, decreased governmental expenditure and rapid privatization, it has become quintessential for the healthcare industry to manage the contracts with different stakeholders efficiently.  According to the latest Black Book Market Research, approximately $157 billion is spent on manual contract management every year by healthcare providers. Another study revealed almost 96% of healthcare firms do not have an appropriate contract management system in place. With large number of contracts being entered into by and large, it becomes also necessary to effectively manage your contracts as contracts bring the bread and butter for you.

PAIN POINTS OF HEALTHCARE INDUSTRY MANAGING CONTRACTS 

Digitization makes life simpler and gathers more and more sway over private data, but some of the common challenges faced by the healthcare industry are:

  • Vendor Risk Management,
  • Preventing privacy and data breaches.
  • Obligations & Compliance Management
  • Growing complexities in regulatory landscape.
  • Low operational proficiencies.

RISKS FOR NOT ADOPTING A DIGITAL SOLUTION TO FOR CONTRACT MANAGEMENT

  • Slow Contract Turn-around-Time (TAT)
  • Less or no post-award visibility.
  • Cyber Security violations.
  • Threat to data breach.
  • Illegal contractual claim via fraud.
  • Increased cost of contract management
  • Revenue leakage

This calls for you to take wise steps in using an advanced AI based Contract Management System that leaves you free, away from additional pressure apart from your 9-5 office pressure!

To put an end to all your problems, we, at Volody Products Inc, have come up with an on-cloud AI based Contract lifecycle Management Software to help you automate your legal department and leave you contractually tension-free. The brownie point is that we have used Machine Learning and trained our software in such a manner that it is designed to extract crucial information from the contracts without any manual interference and prosper your business growth by leaps and bounds!

WHY VOLODY?

  • Digitization from contract drafting to signing and management.
  • On-boarding of legacy contracts using Artificial Intelligence tool
  • Alerts for risky clauses during negotiation
  • Extraction of obligations using machine learning tool
  • Clause extraction for business decisions
  • Clause library, contract playbook & obligation management
  • Reminders about Contract Renewals.
  • In-built agreements, addendum and tender templates to suit your need.
  • One central Contract Repository
  • Integration with CRM, ERP & Digital Signature platforms
  • Dashboard, Content Search & OCR feature

You email connect@volody.com to schedule a date for demonstration of our product. I am sure you will enjoy the product and usage of our product will definitely leave you hassle-free!

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