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.
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.
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.
AI-driven Capabilities
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.
Automated Workflows
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.
Vendor Soft-Onboarding
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.
Built for both ServiceNow and Non-ServiceNow users, Aavenir Providerflow empowers network management, provider services, legal, claims and quality management teams with expedited process execution, accurate provider information, and lower regulatory and performance risk exposure. The solution offers flexible digital workflows and intuitive provider portals that simplify provider engagement across onboarding, performance adherence and other collaboration needs.
Aavenir’s Providerflow solution leverages ServiceNow’s enterprise-class workflow management capabilities to streamline Source-to-Pay processes on the NOW platform.
Managing vendor relationships can be a complex and challenging task for organizations. With the increasing reliance on external vendors for critical business functions, it’s essential to have a robust vendor management solution in place.
Whether you’re looking to establish new vendor relationships or evaluate existing ones, our vendor intake and scoping checklist can help you streamline the process and ensure that you’re working with the right vendors to meet your business requirements.
This comprehensive checklist covers all the key aspects of vendor evaluation, including risk assessment, qualification, contract review, and ongoing performance management.
By following this checklist, you can save time, reduce costs, and minimize risks associated with vendor relationships. Use this vendor intake and scoping checklist now to take the first step towards optimizing your vendor management process.
For seamless supplier management, it is essential to understand the RFx supplier lifecycle. Wherein, Supplier Risk and Performance Management (SRPM) is of great importance.
Aavenir Supplier Risk and Performance Management Checklist helps improve supplier collaboration and engagement, benefiting the overall supply management process. In addition, the Checklist will help your organization enhance its brand image, mitigate supplier risk, avoid supply chain disruptions and build long-term relationships with suppliers.
To know more, access this Checklist by completing the form and clicking “Download Now.”
Vendor Onboarding Policy Worksheet – Template
A smooth and systematic vendor onboarding process is indispensable for effective and efficient vendor management.
Vendor onboarding is the first step towards vendor management. Without it, you won’t be able to increase your efficiency, reduce your risk and costs, and achieve a higher ROI. By creating a vendor onboarding policy template, you can avoid most of the pitfalls resulting from poor vendor management.
Having clearly defined policies, and expectations help improve internal efficiency and relationships with your vendors. Download this easy-to-modify template as the basis for a shareable document that states your organization’s requirements and strategic goals.
So finally, you have decided to move from manual contract management to contract automation with an intelligent CLM solution? Congratulations! Implementing CLM technology, and ensuring its success, is a collective responsibility. Implementing any new software solution can be time-consuming and tiring. However, when implementing a CLM system, it’s crucial to remember to be realistic about timing and expectations. For organizations considering a CLM system as part of their digital transformation journey, the time is NOW.
According to a recent Forrester survey, “CLM has universally gone from a nice-to-have to a critical-to-have in a post-COVID world.”
A key component of the CLM journey is clearly defining roles and activities and forming a governance structure to monitor this program. A team that can take complete ownership of both implementation and adoption of the CLM system is vital for the program’s success.
Every organization has a different level of CLM maturity. The CLM maturity process necessitates much work and coordination with many parties from the early phases without a CLM through advanced AI extraction and contracts analysis. However, regardless of your CLM process maturity level, the below checklist is a comprehensive guide for CLM implementation success.
Regardless of your CLM process maturity level, this CLM implementation checklist is intended to help you ensure successful implementation.
Access this checklist by completing the form and clicking “Download Now.”
Workday SRM and Aavenir Contractflow integration is aimed to help sourcing professionals achieve fast procurement cycle and contract lifecycle times. In addition, Aavenir Contractflow integrates directly into the Workday SRM Solution to unite procurement and contract management to achieve more significant procurement savings and boost your purchasing power within Workday Procurement.
How will this integration help your sourcing and contract management teams?
A breach of contract is not always a result of non-compliance. However, all non-compliance can be considered as a breach of contract. Although it is neither avoidable nor affordable, a contract might expressly deal with certain types of breach of contract and applicable remedies. The appropriate remedy depends on the terms of the contract, the nature of the breach, and the specific circumstances of the case.
It is always better, to the maximum extent possible, to define the number of damages in the contract itself, as this saves both parties a lot of money, time, and other resources in litigation.
Use this editable breach of contract worksheet to maintain a log of the potential breaches and corresponding remedies and include them in your contract draft.
In a world in which healthcare is increasingly complicated, a North America-based leading Pharmacy Benefits Manager (PBM) helps patients achieve exceptional medication adherence and best-possible clinical results by providing members with more than 66,000 retail pharmacies across the U.S.; mail-order prescription services with the capacity to fulfill more than 15 million prescriptions per year. A wholly-owned specialty pharmacy focuses on expensive specialized drugs; and highly targeted pharmacy programs for Diabetes, Hepatitis C, and Opioids to balance optimal clinical outcomes with minimized plan costs.
For 25 years, a full-service PBM serves a wide range of clients, including employers, hospital and health systems, unions, TPAs, state and local government, and health planners.
PBM is managing various IT systems provided by multiple IT vendors including IT infrastructure service providers, healthcare software system providers, laptops, and other IT hardware providers. Most of these IT vendors are managed using ServiceNow; the IT department orders directly with vendors and finance had no insight into its accounts payable (AP) pipeline.
There was no centralized storage of IT purchase invoices data. Manual validation of all invoices with PO was time-consuming and resulting in long approval cycles. To shorten the invoice approval lifecycle, PBM wanted a solution that would integrate with its existing IT vendor management system, ServiceNow.
“We had no visibility into IT expenditure until we manually extract data from all invoices, which usually takes weeks. With 100+ monthly invoices arriving by email or directly generated by systems, gathering all invoices’ data and manually processing invoices was really slow and error-prone. We needed a technology solution that can not only automate invoice data extraction but also support their unique invoice approval workflow requirements.”
– IT Vendor Manager
at the Pharmacy Benefit Manager (PBM) Company
PBM is using multiple ServiceNow packaged applications including ITSM, CSM, and procurement. Hence, having Aavenir Invoiceflow on ServiceNow was the obvious choice as they can consolidate vendor information, POs, and invoices on ServiceNow. It helped them with the following:
Automated Historical Invoice Data Validation
PBM started using Aavenir Invoiceflow for processing 3 years’ historical invoices. With the Aavenir team’s support in invoice coding and they could achieve automated invoice data extraction with up to 70% accuracy.
2-way Invoice Data Matching with PO:
Aavenir’s configuration engineer could quickly set up business validations rules for automatic 2-way invoice data matching with POs stored in IT Services Management (ITSM) App on ServiceNow. Aavenir also helped set up a completely customized 5-stage complex invoice approval workflow to handle different types of invoice mismatches.
Invoice Approval Workflow
In just 2 weeks, the Aavenir team could help PBM to set up really complex 5-stage invoice approval workflow for all future invoice processing; involving multiple stakeholders and custom business rules using Aavenir Invoiceflow on ServiceNow.
Invoice Status Reports and Spend Analytics
Aavenir Invoiceflow provided complete visibility into all invoices by vendor, by business unit, or by cost center. PBM team is now able to monitor all invoices’ status and monthly trends (in $ and volume) using the dashboard and reports on ServiceNow.
PBM’s all IT invoices processing is managed by Aavenir Invoiceflow. As a result, they could achieve the following:
Future Roadmap
PBM wants to leverage AI features of Aavenir Invoiceflow to implement complete auto-posting of all invoices. After the successful automation of all IT Invoices, PBM would like to extend Aavenir Invoiceflow’s capabilities to automate invoice processing for many other departments.