Enhanced adherence and risk management
Improved compliance
Healthcare organizations deal with sensitive data such as patient details and medical history. They must adhere to various legal and regulatory requirements that necessitate data protection and privacy. Zoho Contracts can help ensure that contracts comply with these regulations through features such as data protection settings and audit logs that restrict access to personal data and provide detailed insights into the activities of the organization's users. This helps institutions stay on top of their contracts and ensure compliance.
Heightened accountability and risk mitigation
A healthcare institution, such as a hospital, signs various contracts with vendors, suppliers, service providers, and employees. Each of these counterparties has different kinds of obligations. Zoho Contracts has an extensive obligations module that allows you to assign, track, and manage all obligations related to your contracts. This mitigates the risk of unfulfilled obligations and enables you to hold parties accountable.
Better decision-making
Zoho Contracts provides comprehensive reporting and analytical capabilities. Healthcare institutions use these tools to gain insights into contract performance, negotiation trends, and other vital metrics, which can inform strategic decision-making.
Automated alerts and renewals
Zoho Contracts has automated renewals, in-app notifications, and email alerts that help you keep track of upcoming renewals and expiry dates. Timely renewals eliminate the risk of conducting ongoing business transactions unprotected by a contract. It also ensures critical supplies are not missed out on due to missed renewals or payments.
Better vendor and supplier management
Keep track of your vendors and suppliers using the Counterparties module in Zoho Contracts. This module lists all of your counterparties and gives you quick access to all of the contracts you have signed with each of them. Counterparty reports offer insights on the number of contracts signed with a counterparty and the counterparty type, equipping you to handle change quickly if a particular industry is affected.
Improved overall performance
Reduced paperwork
Minimize paperwork as Zoho Contracts streamlines and automates your contract management process. This automation improves contract cycle times, increases efficiency, and gives you the time to focus on high-value tasks.
Easy document storage and retrieval
Zoho Contracts comes with a central storage repository along with search and filter options, improving visibility and making it easier to find critical information when needed.
Efficient contract creation
Reduce dependency on the legal department at the time of contract authoring with the help of both predefined and customizable contract templates. Similarly, the advanced document assembly allows you to choose a language from a list of legally approved and commercially acceptable languages under each clause. This ability to add multiple languages under each clause eliminates duplication of templates for minor tweaks.
Faster approvals
Given the regulatory nature of the healthcare industry, it’s wise to have mandated approval workflows for critical contract types. Zoho Contracts streamlines the approval workflow, allowing authorized personnel to review and approve contracts electronically, reducing delays and bottlenecks. Contract approvals help mitigate risks and identify hidden opportunities at an early stage.
Seamless collaboration
Contracts involve multiple departments such as legal, finance, procurement, and others. Zoho Contracts facilitates easy cross-functional collaboration with its real-time collaboration features that allow stakeholders to access and review contracts from a centralized platform. Granular activity tracking also helps ensure accountability.
