ProviderTrust and Ntracts Partner to Help Healthcare Organizations Vet Vendors

ProviderTrust and Ntracts have partnered to give healthcare organizations clear visibility into their vendors’ payment eligibility at contracting and throughout contract execution.

By bringing together ProviderTrust’s healthcare data and technology and Ntracts’ contract lifecycle management software for healthcare organizations, this collaboration aims to improve compliance data hygiene and hold vendors accountable for healthcare compliance and regulatory standards, the companies said in a Monday (Oct. 14) press release.

These complementary services enable 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,” Christopher Redhage, co-founder and managing partner at ProviderTrust, said in the release. “This vendor strategy provides vital insights for risk-based decisions throughout the lifecycle of the vendor relationship, ensuring there are no surprises.”

ProviderTrust continuously monitors more than 10 million people and entities, including 3.6 million vendors, for compliance, according to the release. Its Comprehensive Vendor Compliance solution ensures payment eligibility, vendor onboarding and approval workflows; custom questionnaires and attestations; and identification of vendor ownership structure.

Ntracts supplies a contract lifecycle management that helps healthcare organizations mitigate risk, maintain compliance and increase contracting efficiencies, the release said.

Combined, the companies’ solutions provide clients with a more complete view of their vendor relationships, per the release.

“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,” David Paschall, CEO of Ntracts, said in the release.

Medical centers and other healthcare-related businesses are increasing their attention and innovation budgets to forward looking procurement technology, according to the PYMNTS Intelligence and Corcentric collaboration, “Digital Payments: Modernizing Procurement Processes.”

The report found that 15% of companies in the healthcare sector currently invest in digital procurement solutions, while another 45% of such companies are planning to do so.

Specific challenges exist when it comes to healthcare procurement and the surrounding regulations, which may be one reason why procurement innovations have up until recently been largely overlooked across the sector, the report said.

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