Contract and Rate Revisions

Once you configure your contracts, you'll need to maintain them as the terms of your contracts are updated.

If you only need to update the rate structure, you can create multiple records for the same rate group with different effective and expiration dates. Using the Duplicate feature, you can copy the rates from an existing group to a new group; if the rates are going to be increased by a flat percentage for all charge codes in the group, you can identify this percentage during the Duplicate process and the system will automatically calculate the new rates for the new rate group. You can then migrate to a new rate structure without having to create a new contract or even modify the contract record.

If other terms of the contract change, you can either update the original contract or create a new contract record. Like the rate groups, contracts have an effective date and expiration date. This allows you to maintain multiple contracts for the same customer with different effective date ranges. The system will automatically switch to a new contract as the old one expires.