ProviderTrust and Ntracts have announced a strategic partnership designed to offer healthcare organizations greater transparency into their vendors’ compliance and payment eligibility, from initial contracting through the full contract lifecycle.
This collaboration merges ProviderTrust’s comprehensive healthcare data and technology with Ntracts’ contract lifecycle management (CLM) software, aiming to streamline vendor vetting processes and enhance compliance management. According to a joint statement released on Monday (Oct. 14), the partnership seeks to improve the accuracy of compliance data and hold vendors accountable to regulatory and healthcare standards.
By integrating their services, healthcare organizations will be able to “vet vendors not only during the contracting phase but throughout the entire relationship, ensuring that vendors and their owners maintain eligibility and are not excluded at any point,” said Christopher Redhage, co-founder and managing partner of ProviderTrust. “This proactive vendor strategy enables informed, risk-based decisions, ensuring that no unexpected compliance issues arise during the partnership.”
ProviderTrust currently monitors over 10 million entities, including 3.6 million vendors, ensuring that healthcare organizations have access to real-time compliance data. Their Comprehensive Vendor Compliance solution includes tools for verifying payment eligibility, vendor onboarding, approval workflows, custom questionnaires, and the identification of vendor ownership structures, as highlighted in the release.
On the other hand, Ntracts delivers contract lifecycle management solutions tailored to help healthcare organizations mitigate risk, ensure compliance, and improve efficiency in their contracting processes.
Together, the combined solutions of ProviderTrust and Ntracts offer healthcare organizations a more holistic view of their vendor relationships. “This partnership sets a new standard for how healthcare providers should monitor their external parties and contracts, helping them adhere to industry regulations more effectively,” said David Paschall, CEO of Ntracts.
In an industry where innovation is increasingly vital, healthcare organizations are beginning to invest more in advanced procurement technologies.
The report also emphasized that regulatory challenges in healthcare procurement have historically delayed innovation in this area. However, as organizations become more focused on improving procurement and compliance practices, partnerships like that of ProviderTrust and Ntracts are expected to drive change across the sector.
