With today’s volatile environments and ever-changing technologies, disciplined Vendor Management Office (VMO) operations are critical to the growth, financial health and the mission of providing quality care to healthcare members. Health plans are positioned to recognize significant cost savings and efficiency creation opportunities by establishing, fully integrating and optimizing VMOs.
ProspHire drives in-depth analyses and recommends strategies to specifically help healthcare organizations operationalize and drive efficiencies within their VMO. Our custom tools help streamline the vendor selection and onboarding processes; and the efficiency measures we put in place will help any healthcare organization realize real cost savings.
With a focus only on the healthcare industry, ProspHire’s subject matter experts specialize in developing, implementing and maturing vendor management operating models. We follow a proven framework approach to help health plans efficiently and effectively manage every aspect of the vendor management lifecycle, identify cost savings opportunities and limit third-party risk exposure.
How ProspHire Can Help
See how ProspHire can help address the key issues facing your organization.
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Scalable VMO Project Management
Provide strategies on centralizing the management of vendor relationships and projects and liaise between the organization and its vendors, ensuring vendor performance meets and exceeds expectations.
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Enhanced Third-Party Risk Management
Create a comprehensive vendor inventory and associated risk assessment framework that includes different risk categories, risk levels and mitigation strategies associated with each vendor.
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Improved Vendor and Contract Lifecycle Management
From assistance with automating contact creation to management to implementation of analytic solutions – ensure that contractual terms with third-party vendors include requirements for security, privacy and confidentiality, data protection and business continuity.
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Optimized Strategic Sourcing and Procurement
Define procurement goals and objectives to help identify vendors that best meet client needs, including standardization of an objective vendor evaluation process with the criteria of quality, reliability, price and responsiveness built against our Firm’s benchmarks for high-performing vendors.
