ProviderTrust and Ntracts announce a strategic partnership to enhance vendor compliance in healthcare.
- The collaboration aims to improve data hygiene and ensure vendor payment eligibility through contract lifecycle management.
- Healthcare organisations will benefit from increased vendor oversight, maintaining compliance with rigorous regulatory standards.
- The partnership addresses government mandates to exclude non-compliant vendors, safeguarding healthcare service integrity.
- Both companies bring complimentary strengths, offering a comprehensive view of vendor relationships and compliance.
ProviderTrust and Ntracts have announced a strategic partnership designed to enhance the integration of vendor compliance and contract management within the healthcare sector. This collaboration addresses the pressing need for improved compliance data hygiene and visibility into vendor payment eligibility during all stages of contract execution.
The partnership is a response to the mandates of the HHS Office of Inspector General (HHS-OIG), which requires healthcare organisations to avoid doing business with excluded or sanctioned entities. This includes networks of key suppliers in areas such as durable medical equipment, contract employees, and other essential services. Organisations contracting with excluded entities may face Civil Monetary Penalties if non-compliant services are rendered.
ProviderTrust’s ongoing leadership in exclusion monitoring, particularly their capability to track over 10 million individuals and entities, ensures that excluded vendors are identified promptly. Their vendor compliance solution is thorough, involving annual data collection and sustained monitoring for compliance throughout the vendor lifecycle.
Ntracts complements this with their contract lifecycle management software, which mitigates risk and increases efficiency in contracting processes. By streamlining contract origination and automating crucial compliance checks, healthcare entities reduce the likelihood of regulatory breaches and financial penalties.
The average community hospital spends significant sums on regulatory compliance, and this partnership offers a potential reduction in these costs by consolidating contracts and improving compliance practices. A typical saving of 10% on contract value can considerably impact hospital budgets.
David Paschall, CEO of Ntracts, highlights that the partnership with ProviderTrust embodies a commitment to delivering superior technology and services. He asserts that this alliance sets a new benchmark for healthcare organisations, facilitating adherence to strict industry regulations.
ProviderTrust, since its inception in 2010, has been committed to safeguarding healthcare through rigorous monitoring of data for exclusions and sanctions. Their expertise is recognised across top health systems and pharmacy organisations, emphasising the importance of maintaining compliance to ensure patient safety.
The strategic partnership between ProviderTrust and Ntracts enhances compliance and risk management in healthcare, setting new standards for vendor oversight.
