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Smart Vendor Management for Hospitals

As healthcare entities, hospitals have to build and sustain business relationships with multiple stakeholders including patients, caretakers, care providers, staff, insurance companies and vendors. This is because healthcare operations management  has to control costs, drive excellence in delivering patient services and mitigate potential risks.

With increasing competition in the healthcare industry, the Vendor Management Process assumes a critical role in successfully running the hospitals. Hospital Vendor Management helps to achieve this by dramatically decreasing the care costs and relieving the administrative burdens. It thus facilitates increased visibility and promotes better value gain from vendors.

Functions of Hospital Vendor Management

  • Serves as a platform for providing increased visibility and insight into real-time pricing trends in the healthcare market so that hospitals can sustain in the prevailing competition
  • Enables access to various staffing agencies and thousands of clinical and non-clinical healthcare professionals for recruiting the right staff
  • Expedites the candidate searching and hiring process to get the best quality of hospital manpower
  • Based on job requirements, helps hospitals in ranking the candidate profile submissions from the best match to the least fit
  • Helps in better medical decision-making by efficiently managing associated vendors and finding talented professional

Smart Vendor Management

Smart Vendor Management (SVM) systems in hospitals are web-based systems that help in posting positions, viewing profiles and documentation, tracking deadlines and expiration dates, creating and saving evaluations, managing healthcare compliance and doing online reports, invoices and analysis.

Features of SVM

  • Highly customized workflows
  • Cross-platform operability
  • Real-time dashboards and scorecards
  • Robust vendor-neutral modelling
  • Reliable management of complicated rates and pricing
  • Consolidated billing and invoicing
  • Multi-parameter assessment of vendor performance
  • Highly accurate electronic time-keeping
  • Web-enabled credential management and tracking
  • Enhanced reporting capabilities for both ad-hoc and tailored reports

Benefits of SVM

  • Focuses on enhanced Visibility – SVM improves transparency in staffing operations by clearly showcasing how much hospitals are utilizing and spending on contingent labour. It provides customized real-time reports and even provides notifications on the expiring credentials of doctors.
  • Provides superior Time Management – It is well-known that hospital human resource managers and senior management need a lot of time for staff recruitment and strategizing.SVM streamlines processes for hiring, recruiting, training and managing qualified staff so that the management can focus on other critical tasks.
  • Encourages efficient Pricing – Often, hospitals have to spend significant amounts of money on staffing.SVM not only tracks and manages workflows pertinent to the staffing procedures but also has enormous report formulation capabilities. Thus, it provides actionable insights and information about the latest practices and benchmarks in the healthcare sector thereby driving hospitals towards informed decision-making.
  • Promotes better Vendor Neutrality – Becoming vendor neutral is a key component for containing costs. A reliable SVM helps in getting the most qualified talent medical supplies and clinical equipment at competitive rates from multiple vendors. It also helps in uniformly gauging the suppliers under various parameters and developing a stringent framework for assessing and measuring vendor development and performance. These parameters could include quality of deliverables, pricing, timeliness in meeting deadlines and overall credential rating of the vendors in the market. Additionally, a vendor-neutral SVM helps suppliers to operate their business in an unbiased manner and helps hospitals to take in the best candidates and high-quality supplies at competitive rates.
  • Reduces the numbers of Open Shifts – One of the common challenges faced by hospitals is a shortage of experienced staff. Most hospitals also face difficulties in finding the right talent for catering to the sophisticated demands of patients and their families. By leveraging on an SVM, hospitals can streamline the hiring process to get quick access to the most qualified candidates for delivering patient-centric services and overcome staff shortage.

There are plenty of SVM systems available in the market today. Healthcare Consulting Firms can help hospitals choose the best solution amongst them to achieve higher efficiency, enhance productivity and minimize the operational expenses.