Healthcare Organizations Should Reshape Vendor Relationships to Yield Stronger Bottom Lines
TractManager, the leader in healthcare strategic sourcing, contract lifecycle management, and provider management, today announced the public release of a white paper that demonstrates how healthcare organizations can reimagine aspects of their business relationships and position themselves for success in a post-pandemic world.
The white paper, Validate and Verify: How to Establish Healthier Vendor Relationships During and After the Pandemic, is authored by Tina M. Hatlee, CMRP, Senior Analyst at TractManager, and Tom Watson, BS, RCVT, RDMS, Senior Clinical Strategist at TractManager.
"Restructuring your vendor relationships in ways that reflect the new normal is one important opportunity that can result in healthier relationships and stronger bottom lines," the authors advise.
The combination of financial pressures caused by COVID-19 and the steady stream of new products and technologies to beconsidered by healthcare providers makes it all the more critical for clinical, operational, and financial considerations to be incorporated into all purchasing decisions. This requires departments across the enterprise to work with the same information to make timely, fully informed decisions.
One key to better decision-making, the authors note, is improved vendor relationships. "The pandemic has exposed how unhealthy vendor relationships contribute to health systems and hospitals absorbing substantial, and at times unnecessary, costs over the last months," they note. "Professional and transparent vendor relationships are one avenue to realizing significant cost-savings now and in the years ahead, and organizations should seize this opportunity to reset 'unhealthy' vendor relationships."
Rather than jeopardize provider/supplier relationships, questioning vendors about pricing and contracts actually builds stronger, healthier relationships. "As you present a clear and unified message to vendors - as they understand the professional parameters you require, from outside benchmarking through new and stricter boundaries about where and how they can operate - the benefits accrue," the authors say. As a result, healthcare organizations can emerge from the current crisis in much better health.
Healthcare executives are invited to download the white paper. In addition to the white paper, TractManager will publish a series of monthly blogs to help healthcare organizations improve their financial health by taking advantage of the wealth of information hidden in the data they already possess. The blog series is available on tractmanager.com throughout the remainder of 2020.
TractManager's healthcare-specific application suite serves three out of five U.S. hospitals. Serving the healthcare industry with integrity for more than 30 years, TractManager is the first mover in strategic sourcing, enterprise contract lifecycle management, provider management and evidence-based data. The company's more than 450 highly skilled and experienced professionals help clients to improve cash flows by reducing their capital and nonlabor costs and to conform their contract, policy, and procedure management to meet regulatory requirements. For more information, visit tractmanager.com.