Completing a Contract Register Audit for an NHS Trust
Our client was a prominent National Health Service (NHS) Trust responsible for providing healthcare services to a large population across multiple facilities inside of London. With a diverse range of contracts and agreements with suppliers, vendors, and service providers, the NHS Trust recognised the need to conduct a comprehensive contract register audit to ensure transparency, compliance, and optimal utilisation of resources.
“Arrimo provided a meticulous Contract Register Audit that is going to allow for a clearer, better and more efficient future for our Trust when looking from our contract estate perspective”
The Goal
The primary objective of this project was to conduct a thorough audit of the NHS Trust's contract register. The key goals included:
Comprehensive Inventory: Compile an accurate and up-to-date inventory of all contracts and agreements, ranging from medical supplies procurement to equipment maintenance, facility management, and beyond.
Data Accuracy: Verify the accuracy of contract information, including terms, conditions, obligations, KPI’s, renewal dates, and financial obligations.
Compliance Assurance: Ensure that all contracts align with legal and regulatory requirements, and that the NHS Trust's obligations are being met.
Risk Identification: Identify any potential risks arising from existing contracts, such as missed renewal dates, financial discrepancies, or non-compliance issues.
Execution
To achieve the outlined goals, a systematic and technology-driven approach was adopted:
Data Collection: Collaborated with various departments within the NHS Trust to gather contract documents, agreements, and relevant information. This encompassed physical and digital records.
Contract Management System: Leveraged a contract management software to centralise and organise the contracts. This allowed for efficient tracking, monitoring, and reporting.
Data Verification: A team of Arrimo compliance experts meticulously reviewed each contract to ensure accuracy and compliance with applicable laws and regulations.
Risk Assessment: Utilised specialised software to identify potential risks associated with each contract, highlighting areas that required immediate attention.
Documentation: All findings, corrections, and improvements were documented, creating a detailed report that would serve as a reference for future audits.
The Results and Benefits
The completion of the contract register audit yielded significant outcomes and benefits:
Enhanced Transparency: The NHS Trust now possesses a clear and updated overview of its contractual obligations, leading to improved decision-making and resource allocation.
Risk Mitigation: By identifying and addressing potential risks, the NHS Trust is better prepared to handle any contractual challenges that may arise.
Legal Compliance: The audit ensured that all contracts align with legal and regulatory requirements, safeguarding the Trust's reputation and minimising legal liabilities.
Financial Optimisation: Through accurate contract data, the NHS Trust can optimise budgeting and financial planning, avoiding unnecessary expenditures.
Efficiency Improvements: The centralisation of contract information in a management system streamlines future audits, reducing time and effort required for similar initiatives.
Stakeholder Confidence: The audit's success enhances stakeholder confidence in the NHS Trust's commitment to transparency, accountability, and responsible contract management.
The Inspiration
A clear and efficient future:
In conclusion, the contract register audit undertaken by the NHS Trust in collaboration with the Arrimo team exemplifies the value of meticulous planning, advanced technology, and specialised expertise in achieving organisational objectives. The Trust is now better equipped to manage its contracts, mitigate risks, and ensure clear regulatory compliance, ultimately contributing to the efficiency improvement of patient care and overall operational excellence.
