How to Source the Best Vendors and Negotiate the Most Favorable Terms

by | Nov 10, 2020

The Most Valuable Vendor Relationships Start Before the Contract is Signed

Healthcare reimbursement in the time of value-based care and rising self-pay has become extremely complex. And revenue cycle operations have become increasingly expensive and challenging to manage. Outsourcing can be an effective way to mitigate the cost to collect while reducing the burden on limited hospital resources. Today, nearly a third of hospitals employ between 10 and 15 vendors, with the largest majority spending between 21 – 30% of their budget on those partnerships.1 Yet, all vendors aren’t created equal, and hospitals need to be extremely diligent in their evaluation and choice of outsourcers. Achieving a positive return on these relationships begins before the contract is signed.