Here are the six steps for hospitals when reviewing vendor contracts, according to SIB Development & Consulting.
1. Identify current service levels and contract terms by working with vendors.
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. Seek funds for antitrust and class-action cases.
6. Implement savings that do not change vendors or affect service levels.
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