Posted on 05/18/2015

By Lynn O’Donnell, Director of Marketing, Healthcare

As a healthcare organization, do you use multiple spreadsheets or paper files to track leases and lease data? It might not only make it difficult to access your lease data, but also add challenges to keeping the information consistent across your healthcare network. Manual process make reporting almost impossible.

There are a multitude of benefits that a healthcare organization can reap from automating its lease administration. Here are what we consider to be the top five reasons to move away from spreadsheets:

1. Remain in Compliance

With a lease administration solution, your organization can document all leases for Stark Law, Sarbanes-Oxley, Anti-Kickback law and FASB requirements. Organizations can:

  • Ensure current and new leases are in compliance
  • Track lease expirations and critical dates
  • Ensure internal compliance standards
  • Prove rent space is Fair Market Value (FMV)
  • Document the lease term of 1 year and include a rent increase
  • Mitigate risk

2. Gain Visibility Across the Portfolio

When all lease information is stored in one lease administration solution, you have a single source to provide full visibility across the portfolio. With this advantage, an organization can:

  • Quickly review all leases and ensure consistency across the network
  • Gain a clear understanding of space, occupancy and renters
  • Increase collaboration among departments
  • Proactively track, forecast and align the portfolio with your corporate strategy

3. Easily Access Lease Details

Having access to lease details enables users to easily create additional leases based on templates and processes. With that, you can quickly identify locations, rental amounts, and price per square foot. Tracking this information can help you eliminate possible penalties and inflated costs.

4. Make Real-Time Decisions

A lease administration solution optimizes your time spent entering and tracking down information, and affords you the ability to analyze data and make important decisions in real-time. Real-time decisions can include:

  • Organizational or situational space changes
  • Negotiation to leverage the best lease terms
  • Identification of cost savings and avoidance
  • Improved processes within the department

5. Increase Efficiency

A lease administration solution not only improves how you track and utilize lease data; it can greatly enhance both personnel and space efficiencies within your company. By eliminating manual data entry into spreadsheets, costs from keeping spreadsheets up-to-date are minimized and personnel can focus on their core competencies. A clear separation of duties between hospital operators, physicians and real-estate transactions can be created – allowing your organization to be more effective.