The COVID-19 pandemic, which originated from Wuhan, China, caused a disastrous effect on the world. The novel corona virus proved to be fatal in many cases and is considered to be highly contagious. The virus has put a pause on a global level where industries and companies had to shut down completely or partially to lower the rate of the virus spread. The consequences of the lockdown were felt around the globe where many lost jobs and war-torn countries facing a humanitarian crisis. However, the one industry that had to keep going to ensure the safety and the wellbeing of the masses is the healthcare industry. The pressure put upon the healthcare workers is of paramount, and the steady rise in the COVID-19 cases has put the workers in a spot of extreme need and danger.

An unanticipated effect of the COVID-19 crisis on the healthcare industry is the mass enrollment of the recently graduated doctors, and many retired professionals rejoined the force to help the flailing healthcare system. With the industry under huge pressure, the contracts that reign the roles, responsibilities, duration, compensation and more are thrown into disarray. Managing the contracts of doctors, nurses, student-doctors, sanitation workers, lab technicians, and more have become a point of trouble and errors.

Click here to read Managing Contract During the Crisis

A feasible way to solve the contract chaos in the healthcare industry caused by the COVID-19 outbreak is to manage the contracts with the help of reliable contract lifecycle management software.

Managing Healthcare Contracts with CLM

The year 2020 has so far been a troublesome period for the healthcare workers. The doctors and other staffs have been over-worked due to the pandemic with the management forced to take difficult decisions on saving both the lives of the patients and the health of the frontline workers. An added issue that the healthcare industry had to face is the management of contracts which had to be revised at a large-scale level to accommodate the changes, amendments and provisions in the staff contracts. The contract lifecycle management software provides a one-source solution to the hospital managements by helping them keep the contracts fuss-free and easily manageable. The distinctive features that enable the industry in the management of contracts are:

  1. Cloud-Based System

    Governments all around the world had to enforce a strict lockdown to control the spread of the pandemic since social distancing is the only way to curb from the contagious virus. The WHO and the healthcare systems affirm that more the people decrease human proximity, the higher the chances of beating the social spread. The cloud-based system of contract management software enables managers to work safely from their homes while managing healthcare contracts effectively. The contract team can effectively create new contracts, review the provisions, update the clauses and extend/cancel the contracts of doctors and other such healthcare workers at the safety of their homes. It greatly reduces the overall pressure on the healthcare system and hospital management.

    Click here to read How To Effectively Manage Contracts In The Post-Pandemic Remote Working Era

  2. Centralized Repository

    The centralized repository feature in the CLM system helps the managers to coordinate with the team and manage the contracts more efficiently. All the contracts pertaining to hospital management, from doctors to pharmaceuticals, everything can be managed under the roof of the CLM system.

  3. E-Signature

    The healthcare industry had to take quick decision to add more doctors to the system in order to help control the virus by assisting patients with severe symptoms. The mass addition to the system meant that the contracts had to be extended with amendments made to it or new contracts being created to house the new staff. A contract is legal and enforceable only when all the involved parties sign it. With contract management tools, healthcare management can easily procure the signatures of the staffs through E-signature. The healthcare professionals can sign their contract digitally which helps them to join the force quickly.

    Click here to read Contract Management During the Pandemic

  4. Reporting

    Reporting enables the management to study the performance of the contracts over a period of time and gives a detailed insight into how certain aspects of the contracts can be amended accordingly. With Contract lifecycle management software, the healthcare management gains knowledge through the performance metrics which helps them in making crucial decisions during this difficult time.

    The contract management software provides an all-in-one feature-filled system that helps in the management of the contracts efficiently during these uncertain times. Unlike manual contract management, CLM software assists the organization in a wholesome way where creation, control, management and execution of contracts is both easy and feasible.

Click here to learn more about DocuCollab.’s Contract Management Software and how it can assist the healthcare industry efficiently here