Contract Management Pioneer Helps Stabilize Volatile Regulatory Healthcare Companies with Successful Implementation of Contraxx
The managed healthcare industry is experiencing constant changes in regulatory environments coupled with increasing cost pressures, affecting multi-state contracting services for members and providers. Fortunately, three managed healthcare companies found Contraxx, a contract management system from Ecteon, that has positively altered the way nonprofit associations and for-profit networks manage volatility in contracts in the enterprise.
Ecteon has discovered that managed healthcare companies are now requesting “next generation contract management” support that mirrors their complex and state-specific workflow processes and policies. Its product, Contraxx, has been the system of choice for three new customers this year (adding to many more over the past 30 years), seeking stabilization and adaptability from their CLM.
“Contraxx is especially suited to provide better control and efficiency in complex, high contract change environments, including networked healthcare,” said Richard Eckerstrom, chief executive officer of Ecteon. “We are excited to offer a product that helps these companies address their most pressing challenges, contain their administrative costs, and streamline their contract creation, workflow cycle-times and security processes.”
By implementing a flexible system like Contraxx, one of Ecteon’s recent managed healthcare customers was able to decrease time to identify and pull contracts from days to minutes and meet state-specific regulatory requirements while maintaining a consistent system-wide structure—A significant value-add for the customer, who, like many healthcare executives, are challenged to comply with new government mandates and effectively, improve quality, and reduce costs (Managed Healthcare Executive, 2017).
Managed healthcare companies like Blue Shield of California saw significant improvements in how it managed contracts after investing in Contraxx, including a reduction in in-process document inventory from 1,500 to 150 and a reduction in document creation time from weeks to days. Likewise, Behavioral Science Technology Inc., increased efficiency by closing 36 percent more requests in 2016 than in 2009. These case studies from Ecteon’s new customers have been a springboard of discussion for managed healthcare companies across the U.S. seeking robust, feature-rich CLM solutions that match their internal requirements.
About Ecteon, Inc.
Celebrating more than 30 years in business and headquartered in New York City, Ecteon is a contract management software company, featuring Contraxx, a premier CML solution for companies with complex contracting requirements. Ecteon offers unique insights that enable customers to effectively and reliably manage their entire contract lifecycle. The company works with notable healthcare, entertainment and corporate businesses, including Dekra Insight, Blue Sheild of California, Bank of the West, Universal Studios and Dick’s Sporting Goods. For more information, visit www.ecteon.com and follow them on LinkedIn.