Sales and contract data automation is becoming the norm. Presenters from Nestlé Health Science observed that a 1% difference in chargeback data accuracy represents over 20,000 error lines for their company. Many manufacturers and distributors advocated for information-sharing via EDI (electronic data interchange) formats as a key way to reduce chargeback and other contracting errors.
New technologies hold promise for contract administration. Both speakers and attendees identified smart (self-executing) contracts and Blockchain as two technology applications that have tremendous contract operations potential. In addition to enhanced security, these new technologies hold the potential to reduce administrative overhead and better connect contract communication platforms.
The Health Industry Distributors Association (HIDA) is the premier trade association representing medical products distribution. HIDA members offer services that increase the efficiency of the nation's hospitals, nursing homes, physician practices, and other healthcare providers. For more information, visit www.HIDA.org. For more information on HIDA’s Streamlining Healthcare initiative, visit www.StreamliningHealthcare.org.