Revenue Cycle

Manage your contracts before they manage you

Hospital Materials Management, December 1, 2008

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To best evaluate your current contract status, conduct a thorough damage assessment. That means making every effort to physically locate existing contracts in your facility. Someone has to carefully read which agreements have already been executed and determine which are worth retaining.

Contracts should be listed in a database along with brief descriptions, costs, and expiration dates. It is a good idea to assign purchase orders and send out notifications of nonrenewals to most vendors.

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