According to SIB Development and Consulting, there are six steps in the reviewing process of a hospital’s vendors.
1. Work with current vendors to identify current service levels and contract terms.
2. Check for contract compliance, correct billing errors and obtain credits or refunds.
3. Identify service optimization opportunities.
4. Negotiate better rates and contract terms based on industry experience and benchmark pricing.
5. File paperwork and seek funds for antitrust and class-action cases.
6. Implement savings that do not change vendors or affect service levels.
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