Leveraging Analytics-Based Pricing & Performance Benchmarks
In most cases, vendor contracts greater than three years old are outdated. The original service level agreements no longer reflect current product functionality or scope. When this happens, contracts require updating to ensure current expectations are clearly defined.
After the first 60 days getting to know your vendors and internal operations, Healthfuse begins the process of updating and renegotiating contract terms and service level agreements. Each vendor contract is analyzed and loaded into our contract management database. Outdated contracts will be renegotiated to reflect expected performance benchmarks based on our exclusive VendorMetrics analytics model and current scope of service or product functionality.
For the vast majority of vendors, this is the start of repairing deteriorated or outdated partnerships with your hospital. For some, this will be the beginning of the end of a dysfunctional relationship.
As your representative, Healthfuse leverages the buying power of our entire nationwide network of hospitals and healthcare systems to ensure you get the best possible terms, based on hospital size, market conditions and other factors.
Our vice president and general counsel lead vendor negotiations on behalf of each of our partner hospitals. Having an executive-level lead ensures uniformity across negotiations, allowing each of our members to benefit from consistent terms and expertise.
Strengthening Existing Vendor Relationships
Healthfuse thoroughly believes the best vendor partnerships are forged over time. Our goal is not to damage the relationships your hospital has established, or to entirely excise your old third-party dossier and replace them with new vendors.
We work to bring your existing vendors in line with appropriate market standards, with an end goal of strengthening your vendor partnerships.
Hospital decision-makers are kept apprised of vendor goals and benchmarks regularly. Your sourcing advisor tracks vendor progress and performance updates and shares this data with your revenue cycle leadership.
Our president and/or vice president will perform in-person quarterly check-ins to document progress and outline any necessary corrective planning.
Analytics-based contract negotiations are one of several ways Healthfuse will reduce vendor spend and improve collections to drive yield growth.