Choosing Vendor Management Services

What Is a Vendor Management System?

A vendor management system (VMS) is a vendor platform used by healthcare organizations (such as hospitals and insurance companies) to manage procurement and staffing. VMS platforms are often cloud-based and include vendor selection, evaluation, talent management, and contract management features. A VMS aims to provide an efficient and cost-effective way to manage vendors and their services. Some VMS providers offer integrations with other software solutions such as EMRs, HIMs, financial systems, and other platforms.

How Do Vendor Management Systems Help Healthcare Facilities?

Vendor management systems are essential to healthcare staffing because they help streamline the procurement process and make it easier for healthcare facilities to source and manage vendors. A VMS platform takes the burden off human resources departments, freeing up staff and allowing them to focus on more important matters. A VMS platform allows healthcare organizations to quickly evaluate, select, onboard, and manage vendors while reducing costs and increasing efficiency.

A reliable VMS also helps ensure compliance with industry standards. This is provided through vendor performance reporting and management tools, allowing the organization to see how its vendors perform in workforce management, recruitment, scheduling, training new employees, and more. This level of visibility into the vendor’s activity ensures that the organization only deals with reputable vendors with quality services.

How to Evaluate a Vendor Management System Company

There are many options for vendor management systems in the healthcare field. A misjudgment or miscalculation can have dire repercussions for your health system and vendor risk management efforts. Here are a few tips to help you make the right choice the first time around:

Assess your needs – Assessing your objectives before looking for a vendor management system is crucial. This will help determine what features are required and how much the organization wants to spend on a system.
Research vendors – Once you know what type of system you need, begin researching vendors that offer features that meet or exceed your requirements. Discover what other customers think about their vendors by reading customer reviews and feedback. Vendors should be open about their features and pricing so that you can accurately compare their offerings to find the best value for your organization.
Compare features and prices – Once you’ve narrowed down your list of potential vendors, compare features and costs to determine which offers the best value. While costs may be an important factor, don’t decide purely on price, as other factors, such as customer support and product reliability, can impact how well the system performs over time.
Request a demo – Request a demo of the vendor management software before making a final decision. A live demonstration will allow you to see how the system works in your environment and ensure it meets your organization’s requirements.

Do you have trouble sourcing staff for your hospital? Expedient VMS is vendor-neutral and dedicated to creating a collaborative, inclusive environment for vendors, candidates, and facilities to engage and establish fruitful relationships. We consolidate vendor information in one place so there are no gaps in communication.

Our Management Solutions

Vendor Management System Features You Should Have

Overseeing your supply chain and reinforcing your vendor lifecycle management practices is easier with a comprehensive system. Here are a few key features to look out for in the software:

User-Friendly Interface – The user interface of a vendor management system should be intuitive, easy to navigate, and customizable. This will help healthcare professionals quickly learn the system and promptly access the data they need.
Robust Reporting Capabilities – A vendor management system should have robust reporting capabilities to help healthcare facilities track key performance indicators (KPIs), understand trends, access reports on staff availability, and make informed decisions about staff to ensure their clinicians are in the right position at all times.
Staff Sourcing – Comprehensive staff sourcing features help healthcare facilities find the qualified employees they are looking for. This includes sourcing from external talent pools, such as professional headhunters and online job boards, and internal talent pools, such as employee referral programs, succession plans, and career paths. When you have defined, researched, and found the perfect candidates, it’s crucial to streamline the hiring process. A vendor management system with an easy-to-use candidate onboarding process will help you quickly start new employees at the right time.
Placement Services — Staff placement services help match clinicians with the best facilities. This will help ensure the most qualified candidates are matched with the right jobs, maximizing efficiency and results. The ideal vendor management solution should let you filter by position, experience level, and more, helping you find the qualified candidates you need quickly.
Vendor Performance Management — You should be ready and willing to reevaluate and reconsider vendor relationships. A performance management module should allow healthcare facilities to evaluate how well vendors meet quality standards, regulatory compliance, and cost expectations. This feature enables healthcare facilities to determine which vendors deliver quality services and which do not.
Integration Capabilities — This feature allows healthcare facilities to access and manage applications, background checks, and other onboarding tasks quickly and easily, reducing the confusion of introducing new tools to existing business processes.
Healthcare Compliance Management — Robust compliance management measures ensure vendors adhere to all applicable laws, regulations, and standards.
Vendor management solutions can help healthcare facilities monitor vendor activities and quickly identify compliance issues, which is particularly important for new vendors that have never worked with the facility. Compliance issues that go unnoticed can lead to fines or penalties, so healthcare facilities must ensure that their vendors adhere to their standards.
Real-Time Invoicing — One of the essential features of a vendor management system for healthcare professionals is the ability to generate real-time invoices. This is essential because it allows healthcare facilities to quickly and accurately issue payments to contingent clinicians for services rendered, which can help improve cash flow and reduce costs.

Simplify Workforce Management With Expedient VMS

Expedient VMS has created a powerful vendor management solution to aid organizations nationwide in achieving their objectives and cultivating a dependable, long-term staff. Our platform organizes clinician and vendor data to promote effective communication among parties. We strive to revolutionize your operations with stellar customer support and cutting-edge tech, giving you advanced tools for streamlined connection, engagement, and transactions.

We’re experienced vendor management service providers with a penchant for optimization. Our billing software includes streamlined tools designed to ensure accountability and shorten the time to pay. Facilities can approve and correct time within moments using tools like our automated reverse invoicing feature.

Ready to manage your staff like never before? Reach out today.