How to escape the contracts black hole

Last week we talked with Tim Chafin, President of Agiloft partner and reseller Legacy New Ventures Consulting, about an all-too common phenomenon called the “Contracts Black Hole.” With Tim’s decades of experience in healthcare and hospital administration, he saw contracts that just seemed to disappear and bad processes that functioned as a vacuum, sucking up productivity and revenue. He dubbed this “The Contracts Black Hole” and spent the latter part of his career helping others escape. Tim helped form LNV in 2016 and Agiloft’s flexible contract lifecycle management (CLM) software was a natural fit to configure solutions for healthcare and other clients needing to transform their contract management.

What are the key symptoms of the Contracts Black Hole?

  • No defined roles and responsibilities
  • No turnaround expectations
  • Lack of formal process for new and renewal of contracts
  • Rogue departmental contract processing
  • Lack of visibility to all contract being processed
  • High probability of legal and financial risk
  • Lost savings opportunities
  • Lack of central contracts repository
  • Lack of integrated technology

Watch the below webinar to learn how Tim and LNV used that experience to create solutions to help clients escape the contracts black hole:

 

To learn how Agiloft’s flexible contract lifecycle management software can fit your complex use case, schedule your custom demo here or contact us at +1 650-459-5637 or info@agiloft.com.