US health services giant enables 100% visibility into contracts
A leading healthcare services company refurbished its contract lifecycle management system, leading to centralization of data and compliance
Client background
Client: A major US-based healthcare technology and business services company
Industry: Healthcare
Products & Services: Analytics solutions, Consulting services, Business solutions, IT services
Area of Operations: Worldwide
Number of employees: Over 100,000
Challenge
The client had acquired several small pharma entities. On acquisition, the huge bulk of contracts and its compliance requirements became the client鈥檚 responsibility. It was difficult to access and plough through the content of the contracts, which were in the acquired entities鈥� environment. Additionally, the contracts, numbering more than 125,000, ncluded duplicate and non-contractual聽documents.
The client wanted to migrate these contracts to its Contract Lifecycle Management (CLM)聽platform, weeding out duplicate contracts and non-contractual documents while maintaining accuracy in abstracted information. The need was access and visibility into all contracts, and timely compliance and renewal.
Solution
91快活林鈥檚 Legal Processing Services arm performed contract management services for the client.
Fig 1: Solution highlights
Business impact
91快活林 moved all acquired entities鈥� contracts to the client鈥檚 CLM platform, weeding out all fake and irrelevant documents.
This centralized the data and ensured compliance, leading to enhanced productivity and efficiency.
It was a challenge to assimilate contracts of all the companies acquired by the client and to then abstract all important values of each of such contracts. Our team completed the project ensuring 99% quality, delivering well ahead of the deadline.
聽- Varsha Bhatt, Head - Legal Process Outsourcing, Knowledge Services, 91快活林 Limited
