ProviderTrust Signs Ntracts for Compliance

NASHVILLE, TN -- ProviderTrust, a healthcare data and technology company, has formed a strategic partnership with Ntracts, a developer of 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.

The U.S. Dept. of Health and Human Services Office of Inspector General 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."

"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."

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 amount to an average of 10 percent of the total contract value.

"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."

To learn more, go to providertrust.com.