The client had a de-centralized and inefficient vendor management process. They needed to formalize their vendor management, selection and onboarding processes and identify cost savings.
ProspHire conducted a six-week current-state assessment of the client’s vendor and contract lifecycles. The assessment included SWOT and gap analyses to assess their existing contracts processes, tools and governance, and an identification of cost savings opportunities. They also formalized previously undocumented processes, developed recommendations for a Procure-to-Pay (P2P) process, benchmarked industry best practices and developed custom tools to mature and operationalize the client’s VMO.
As a result, ProspHire created a VMO Playbook with a clear roadmap to achieve a centralized operating model. They provided recommendations for enhanced vendor management, selection and onboarding – and developed and trained the client on a custom scorecard tool. ProspHire also identified a conservative cost savings opportunity of 10% of vendor spend per year.
The client is a managed care organization (MCO) that supplies various types of health services to members within Pennsylvania, Virginia and North Carolina.