Five Benefits of Lease Administration Software in Healthcare
Managing leases in healthcare presents many challenges, from having to meet strict compliance requirements to managing multiple leases for one space within a facility. Using lease administration software designed for healthcare organizations can ensure that you can manage the complexities of leases within this industry, whether you manage 30 or more than 500.
Here are five specific benefits that lease administration software offers healthcare organizations.
Handle both the lessee and the lessor
In healthcare, you often act as both the lessee and the lessor. This complicates your lease portfolio, as you require different actions for both situations. When you use lease administration software for healthcare organizations, you can manage both of these aspects – automating many of the actions to simplify the processes and ensuring that you are focusing your time on the more important aspects, such as ensuring that you are paying and being paid the right amounts.
Manage the complexity of timeshare leases
Timeshare leasing serves as one of the unique challenges that healthcare leasing poises for organizations. Managing multiple leases for one space presents challenges that can’t easily be managed by using spreadsheets or paper tracking. By leveraging a lease administration software, you can simplify the timeshare lease management process and ensure that you are adhering to the terms of the lease and other requirements set forth by compliance regulations.
Ensure Stark Law compliance
Several organizations have faced multi-million dollar fines for not being in compliance with Stark Law. As regulatory and compliance requirements become an even bigger issue for healthcare organizations, ensuring that you are in compliance with your leases for Stark Law and the Anti-Kickback Statute is more important than ever. Using a lease administration software solution for healthcare can help you ensure that you are meeting the Stark Law compliance requirements.
Gain power in lease negotiations
The old adage, you can’t manage what you can’t measure, holds true in terms of leases for healthcare organizations. If you don’t have visibility into your current leases and terms, it’s challenging to understand what is on the table when it comes to negotiating your leases. Through a lease administration software, you can garner this visibility and clearly understand what changes need to be made to ensure that the leases provide the most benefit to your business.
Get a seat at the table
Using a lease administration software gives you the ability to manage your portfolio with strategic oversight. Instead of handling your leases in a transactional manner, you can understand how it impacts the bottom line of your organization and what you can do to ensure your lease commitments fit the strategic direction of your organization.
As such, you have an opportunity to elevate lease management to a higher level and get a seat at the table within your healthcare organization to discuss how your portfolio can drive strategic success in the future.
Learn more about how a lease administration software solution like Siterra can transform how you manage your healthcare leases and drive strategic results for your organization.