Strategic Partnership to Connect Healthcare Vendor Compliance and Contracting
Nashville, Tenn., Oct. 14, 2024 /PRNewswire/ — ProviderTrust, a leading healthcare data and technology company, announces a strategic partnership and alignment with Ntracts, a leading contract lifecycle management software for healthcare organizations. This partnership will improve compliance data hygiene and give healthcare organizations clear visibility into their vendors’ payment eligibility at contracting and throughout contract execution. Together, ProviderTrust and Ntracts will prioritize holding vendors accountable for healthcare compliance and the regulatory standards imposed on government lines of business.
“We are thrilled to partner with Ntracts to enable connectivity between vendor compliance and contract management.”
“We are thrilled to partner with Ntracts to enable better connectivity between vendor compliance and contract management,” said Christopher Redhage, co-founder and managing partner at ProviderTrust. “These services are complimentary in the most effective way, enabling healthcare organizations to vet vendors throughout the contracting process and beyond, ensuring that vendors and their owners are not excluded at any time during their business relationship. This vendor strategy provides vital insights for risk-based decisions throughout the lifecycle of the vendor relationship, ensuring there are no surprises.”
The HHS Office of Inspector General (HHS-OIG) mandates that healthcare organizations refrain from doing business with “excluded or sanctioned” individuals or entities, which includes vendor networks of key suppliers such as durable medical equipment, contract employees, software and technology, janitorial services, etc. that are needed to effectively perform healthcare services. According to the OIG, if a healthcare provider contracts with a person or entity that is excluded by the OIG, “the provider may be subject to [Civil Monetary Penalties] liability if the excluded person provides services payable, directly or indirectly, by a Federal healthcare program.”
Since its founding, ProviderTrust has uniquely led the way in providing innovative solutions that uphold data integrity for ongoing exclusion monitoring of vendors, employees, and providers, continuously monitoring 10,000,000+ people and entities, specifically 3,600,000+ vendors, for compliance. ProviderTrust’s Comprehensive Vendor Compliance solution activates best practices in annual vendor data collection and ongoing exclusion monitoring of vendor populations, ensuring payment eligibility, vendor onboarding, and approval workflows, custom questionnaires and attestations, and identification of vendor ownership structure.
Ntracts’ contract lifecycle management (CLM) solution empowers healthcare organizations to mitigate risk, maintain compliance, and increase contracting efficiencies. According to the American Hospital Association, the average-sized community hospital spends $7.6 million annually on administrative activities related to regulatory compliance and even more in fines if they experience a violation. In a heightened regulatory environment, healthcare organizations are prioritizing increased efficiency and risk mitigation, while continuing to drive down costs. Typical savings identified from contract consolidation amounts to an average of 10 percent of the total contract value.
The ProviderTrust and Ntracts partnership recognizes complimentary services so clients can gain a more complete view of their vendor relationships. This includes ensuring that financial arrangements are effectively contracted and timely compliance checks are completed ahead of vendor payment.
“This partnership with ProviderTrust exemplifies our commitment to our mission of delivering premier technology, services, and expertise through CLM by uniting their industry-leading vendor compliance monitoring with our robust contract lifecycle management platform,” said David Paschall, CEO of Ntracts. “Together, we are setting a new standard for how healthcare organizations should prioritize additional measures to efficiently and seamlessly obtain a comprehensive view of active, external parties and their associated contracts, furthering their adherence to industry regulations.”
About ProviderTrust
ProviderTrust was founded in 2010 with a mission to create safer healthcare for everyone through OIG and state Medicaid exclusion monitoring. Today, the organization has developed the industry’s most accurate dataset for ongoing exclusion monitoring and primary source verification, serving the nation’s top health systems, payers, and pharmacy organizations. Our solutions monitor employees, vendors, provider networks, licenses, credentials, and more for OIG and state Medicaid exclusions, sanctions or disciplinary actions, license expirations, or suspensions. With a team of 100+ employees, our Nashville-based company has consistently been recognized as one of the Best Places to Work by Modern Healthcare, Inc. Magazine, and The Tennessean Top Workplaces, and the Nashville Business Journal.
To learn more, visit providertrust.com.
About Ntracts
Ntracts is the leading contract lifecycle management solution for healthcare organizations across the country. Driven by the expertise of dedicated contract compliance professionals, Ntracts optimizes the contract management process by identifying inefficiencies and mitigating compliance and financial risks, leading to enhanced operations in support of strategic initiatives.
Ntracts is committed to serving our customers’ compliance needs by continually incorporating built-in best practices that stay ahead of the ever-changing regulatory and technological landscape Ntracts accelerates the contracting process by facilitating contract origination, automatically routing contract requests, and notifying responsible parties of critical performance milestones and expiration dates. Ntracts also provides advanced, user-friendly reporting tools for compliance, auditing, and tracking needs.
Driven by the expertise of dedicated contract compliance professionals and powered by the nation’s largest healthcare law firm, Hall Render, Ntracts has provided best-in-class, healthcare-focused contract lifecycle solutions to hospitals and healthcare systems for over 30 years.
Learn more at ntracts.com.
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SOURCE ProviderTrust Inc
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