Some life sciences companies rely on a contract management system. This option can be problematic. Unless your existing contract management system is designed to handle the specific data capture needed for health care entity contracts, you’ll be challenged. Say you want to conduct pro-bono work. Such a system might not allow for a management contract of this nature. Contract management and legacy systems are outdated, incomplete, and non-specific. Discover what you need as a life sciences company committing to contracts:Consent
Consent is when doctors agree to have you share their name in association with a project. General contract management systems may not include tracking consent. On the other hand, technology created specifically for the life sciences should.Controls Against Qualification and FMV
Before you can ever get to a contract with a physician, you must go through a qualification process. This is a phenomenon unique to life sciences. General systems will not address this portion of the process. But you must track both the pre-determined FMV rate and justification for contracting with a health care entity. Failing to adequately execute on the qualification process puts you at risk for violation. Being unable to track FMV data and health care entity qualification across departments can result in inconsistencies. That’s another way of saying red flags the authorities would certainly pursue for potential violations.
Data Points and Advanced Search
A system created for life sciences would include fields specific to health care entity contracts. This kind of information is handy when it comes to data capture and advanced searches. A system that allows for advanced search is a necessity for life sciences companies. Advanced search is another way to stay more organized because you can easily gather whatever you need from the system. Without advanced search, you are looking for a needle in a haystack, and that is no way to be efficient, nor can you get an edge on the competition. Advanced search helps companies stay on top.
Because of requirements specific to life science companies, most contracts must go through various rounds of approval. A system designed for this industry would automatically route contracts to the right people. This way, the approval process is faster and more efficient.
The bottom line is that life sciences companies have two options. They can either find a SaaS solution specific to life sciences that streamlines the contract process, and maintains evidence of compliance. Or they can track contracts with a general contract management system, which opens the door up to careless and unnecessary errors. Of course, this can put you at risk for violations. Who wants that? Not anyone who wants to focus on advancing life sciences and improving patient care.