Healthcare Contract Management Software Market Report by 2025
Posted by Simone on March 31st, 2021
Healthcare contract management software market is likely to remain bullish with sales soaring high on the back of reliant adoption as well as technological diversifications sprawling the healthcare industry. Healthcare industry is one of the most forward looking industries as need for optimum healthcare delivery is a vital responsibility across populations globally. Additionally, international bodies overseeing optimum healthcare delivery to bridge the gaps in medical care delivery is yet another growth booster for digitized workflow patterns in healthcare industry.
Get Research Report @ https://www.adroitmarketresearch.com/contacts/request-sample/1081
Growing number of investments in novel hospitals as well as care giving facilities are further contributing towards flourishing growth in healthcare contract management software market, as more healthcare facilities are relying extensively on these online solutions for scalable workflow and business process. A professional contract management framework enables healthcare facilities to render superlative healthcare delivery, restricting operational investments, compliance to regulatory structures, thereby blurring discrepancies in healthcare delivery.
Amidst stiffening regulatory norms, patient healthcare and care delivery models stand amidst precarious dangers. Complicated patient data documentation as well as holistic operational workflow. Additionally, frequent changes in regulatory framework further deter seamless care delivery. In a recent development, Centers for Medicaid & Medicare Services introduced modifications in interoperability regulations. Under this development, mandatory adoption of HL7 guidelines becomes undeniable to offset data blocking. HL7 is an elaborate set of regulatory norms needed for optimum data exchange and sharing of all health care information available electronically. Transparency in data sharing at all levels such as patient admission and discharge, patient information on medical records, diagnostics, and eventual therapeutics are key operational features.
Browse Full Report @ https://www.adroitmarketresearch.com/industry-reports/healthcare-contract-management-software-market
Therefore, as the burden of regulatory compliance accelerates, healthcare institutions sternly depend on goal-oriented contract management framework, to maintain optimum patient care delivery, adherence to regulatory framework, optimum risk management plans, while limiting operational investments to bare minimum. The healthcare contract management software market is therefore envisioned to witness robust growth in foreseeable future.
Regulatory framework in the healthcare domain is extensive and ever fluctuating owing to altering dynamics in healthcare delivery and prominent technological innovations, also imbibing significant bearing from government interventions. However, across multiple occasions, regulatory compliance has had massive implications. On the back of soaring patient volumes backed by ever growing population and novel disease burden, need for efficient and quick healthcare delivery remains potent. Significantly low healthcare professionals and care delivery staff have further prompted dependence on digital aids such for data maintenance, thereby pushing growth in healthcare contract management software market.
According to the Stark Law, medical practitioners are barred from referring patients for various diagnostic procedures, without any pressing need, just to ensure direct financial returns. However, these laws have been violated in multiple occasions which have landed the concerned hospital facility in a soup, making it liable to compensate heavily. To cite an instance, West Virginia based Wheeling Hospital has paid a hefty compensatory amount for violating Stark Law attempting to make inappropriate financial gains. Additionally, the hospital has also been charged of hiring specific medical practitioners with high patient referrals, aiming to increase patient footfall. Developments as such have therefore further fortified needs for healthcare contract management software to ensure optimum adherence to stringent medical rules.
Yet another prominent case in this light is the recent Stark Law violation as well as anti-kickback statute by William Beaumont Hospital which has also paid .5 million as compensation.
Need for Visible Data Storage and Timely Notifications on Contract Status to Boost Adoption
Need for accurate visibility into contract agreements such as medical practitioners' service contracts as well as facility agreements such as lease contracts. Therefore, hospitals and medical facilities are innately diverting their operations into a digitized scalable platform to ensure risk management. An ideal contract management software is likely to entail core services such as storing diverse agreements to ensure seamless operations amongst legal personnel and other stakeholders. Contract management software also offers features such as timely notifications and reminders to keep track of imminent deadlines and expiry dates of contracts and agreements.
Developments such as cloud based contract management services are offered on the cloud to ensure point-to-point contract management. Stringency in federal norms such as Health Insurance Portability and Accountability Act further encourage extensive adoption of healthcare contract management solutions that enforces data safety. This is estimated to leverage million dollar growth opportunities in healthcare contract management software market.
Hefty Cost Burden Baffles Healthcare on the Back of Manual Contract Management
Fluctuating alterations in reimbursement planning and insurance offerings continue to accentuate risks in healthcare delivery globally. Frequent alterations such as high deductions on insurance plans propel challenging situations in healthcare delivery, also affecting investments abruptly. However, with contract management in healthcare, the challenges are likely to recede.
Additionally, novelties in software features are further poised to favor growth. One of the most dynamic alterations is introduction to cloud-based healthcare contract management software to ensure superlative data security. Besides averting data breaches, cloud-based healthcare contract management software solutions also ensure safe and quick access for quick decision making. Integration of IT capabilities in healthcare is further anticipated to push healthcare contract management software market towards bullish growth. The drawbacks of manually maintained contract management system in healthcare are ample, besides incurring massive investments, as confirmed by a recent development.
Icertis Fuels its Global Expansion Goals with Novel Business Ventures in India
Diverse opportunities inn cloud based healthcare contract management software has motivated top-notch market players to bid big in major business strategies. Industry behemoths such as Icertis which continues to accentuate possibilities in healthcare contract management software space with its AI and cloud-based solutions. The company has also been acknowledged as the biggest market participant with its market valuation of 1 billion. Its growing foothold significantly shapes its global expansion ventures, allowing the company to invest aggressively in Asian countries such as India. It is establishing long term corporate agreements with veterans in pharma and healthcare sectors besides bidding big in banking and manufacturing as well. Such potential developments continue to fuel onward rise on healthcare contract management software market.
The major market players include Icertis, Apttus Corporation, Optum Inc., Determine Inc., CobbleStone Software, Experian Plc., ScienceSoft, nthrive Inc., Concord, Coupa Software Inc., and Contract Logix LLC. These players are involved in new product launch, strategic collaborations, and regional expansion. For instance, in October 2018, Contract Logix introduced the Express Contract Management Software and Premium Contract Lifecycle Management at ACC annual meeting.
Regional Overview, 2018-2028 (USD Billion)
o Rest of Europe
o Rest of Asia-Pacific
o South Africa
o Rest of Middle East and Africa
o Rest of South America
Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a Market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable Market insights to help create opportunities that increase their revenues. We follow a code- Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
Account Manager Global
3131 McKinney Ave Ste 600, Dallas,
Phone No.: USA: +1 972-362 -8199/ +91 9665341414
Like it? Share it!
About the AuthorSimone
Joined: March 22nd, 2021
Articles Posted: 89
More by this author