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Tips on Managing Contracts

What is an effective method for managing contracts?

There are many effective methods for managing contracts in order to achieve compliance and there are tools available to support this process.  It is important that contract management is an assigned duty identified in a job description.  There needs to be a listing which includes the required components as well as the assigned “owner” of the agreement.  The agreement owner will be responsible for reviewing the agreement annually to ensure that the health center is receiving the deliverables according to the contract.  A couple of months prior to renewal, the agreement should be reviewed by the owner and a determination made as to whether or not the contract should continue as is, be modified, or if the agreement should be terminated.  Using software such as Compliatric can aid in the management of contracts with key terms easily accessible and reminders and notifications built in.

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