Lumeris is a managed services operator for health systems and providers, focused on providing value-based care to achieve extraordinary clinical and financial outcomes. The company’s goal is to align providers and payers across populations with technologies, processes, behaviors, and information to achieve high-quality, cost-effective care with satisfied consumers and engaged physicians.
Lumeris empowers value-based healthcare through its innovative approach to care delivery, leveraging technology and data-driven insights to improve outcomes and reduce costs. With a focus on aligning providers and payers across populations, Lumeris is at the forefront of the healthcare industry, driving positive change and improving patient outcomes.
Client’s Contract Management Challenges
With many healthcare contracts to manage, Lumeris needed a reliable solution that could streamline the entire contract management process and reduce the risk of errors.
Self-Author Contracts by Legal team for Confidential & Client Contracts
Lumeris encountered a significant challenge as its legal team, entrusted with creating confidential and client contracts, faced limited visibility into the processes. This lack of visibility posed a considerable burden on the legal team, leading to delays due to the substantial workload and restricted insight into the overall operations.
Difficult metadata extraction
Among many, one of the primary challenges Lumeris faced was extracting meta-data such as terms and clauses from their contracts as Lumeris is primarily dealing with third party contracts. They needed a solution that could accurately extract this information and provide a clear understanding of the contract’s contents.
Inaccurate identification and interpretation of clauses
Furthermore, Lumeris wanted to strengthen clause boundary definition, ensuring that each clause was clearly defined and accurately interpreted. Accurate identification and interpretation of individual clauses within a contract was a difficult task, as clauses are mostly written in various formats and can contain complex language and legal jargon.
Misunderstandings and misinterpretations
If clause boundaries are not accurately defined, it can lead to misunderstandings and misinterpretations of the contract’s contents, which can result in legal disputes and financial losses. For example, a poorly defined clause boundary could result in an inaccurate understanding of payment terms, leading to delayed payments or financial penalties.
Vendor Onboarding during Request for Contract against a New Vendor
Lumeris was encountering challenges in getting vendor details reviewed by their Vendor Management and FP&A Teams when requesting a new contract with a New Vendor. The process has been difficult and time-consuming, leading to delays and inefficiencies in their workflow.
They needed a solution that can help seamlessly raise contract requests and update vendor details in a centralized place which results in frictionless and soft vendor onboarding.
The Solution – Aavenir Contract Lifecycle Management Solution for Healthcare Industry
Lumeris recently implemented Aavenir’s Contractflow solution to streamline their contract management process. The company’s primary focus was on processing third-party contracts with a strong emphasis on AI-driven capabilities. Aavenir’s Contractflow solution proved to be the ideal fit for Lumeris.
Self-Author Contract by Legal Team
Apart from Vendor Contract which requires a request, Aavenir Contractflow provides a flexibility to Legal to create direct confidential and client contracts. Also, visibility to these contracts is limited to certain users.
The AI-driven solution provided confident extraction of meta-data and strengthened the clause boundary definition. The overall experience with the AI extraction piece remained a focus, and Lumeris was impressed with the level of accuracy and efficiency provided by the solution. The solution provided a reliable way to manage third-party contracts, empowering Lumeris to bring common sense back to the business of healthcare.
Third Party Contract Terms Identification and Complex Clause Analysis
The solution provides accurate contract terms identification and clause boundary definition, ensuring that each clause is clearly defined and accurately interpreted. Aavenir Contractflow uses artificial intelligence (AI) and machine learning (ML) algorithms to accurately identify and extract metadata from complex clauses, streamlining the contract management process.
The AI-driven solution provides Lumeris with the confidence they need to accurately interpret each clause, leading to a clearer understanding of the contract’s contents. By strengthening clause boundary definition, Lumeris is able to reduce the risk of misunderstandings and misinterpretations, improving their overall contract management process.
Timely Auto-Renewal of required Contracts
Aavenir Contractflow enables timely auto-renewal with defined renewal terms where no manual intervention is required.
By automating workflows for value-based healthcare contracting, Lumeris was able to significantly reduce the time it took to process contracts. With the help of Aavenir Contractflow solution, contracts were automatically routed to the appropriate parties for review and approval, ensuring that the contract turnaround time was reduced from weeks to just a few days. This reduced the risk of non-compliance and potential penalties.
Automated workflows enabled better collaboration between different departments involved in the contract management process. The solution provided a single platform for all stakeholders to track the progress of contracts, share comments and feedback, and ensure that all parties were on the same page.
Automated Alerts and Real-time Updates
The solution provided automated alerts for missing information or potential errors, reducing the risk of costly mistakes and legal disputes. Further, real-time updates on the progress of contracts enabled Lumeris to identify bottlenecks and take corrective actions as needed.
Along with streamlined Request to Contract Management Process- Aavenir Contractflow solution enable Lumeris to do soft-onboarding to its vendors while having required review process in place.
With Aavenir Contractflow, now Lumeris can submit contract requests, and review the counterparty’s information electronically. This electronic review includes necessary audit trails from the required teams, ensuring transparency and accountability. Once the request completes its process, Aavenir Contractflow seamlessly creates or updates vendor details in the Service Vendor Master, which serves as a core component of Lumeris’ system. This helps not only simplify the vendor management process but also improves overall efficiency.
The experience with Lumeris was interesting for Aavenir’s Professional Services team as it brought various new ways of bringing some simple but effective use cases around UX. Lumeris acknowledged those custom bytes on ServiceNow that only added flavor to the strong product on the platform. By partnering with Aavenir, Lumeris was able to enhance their contract management process, bringing more value to their business and their patients.
In just 1-month post soft launch of Contractflow 4.5, the latest NOW version – San Diego, they were able to successfully streamline contract lifecycle management by implementing Aavenir Contractflow on the Now Platform.
- Significant progress has been made in achieving highly automated metadata extraction, with a commendable accuracy rate
- Automated workflows for value-based healthcare contracting