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Vendormate's new Vendor Engagement & Oversight solution supports a holistic approach to procurement cycle management.
Atlanta, GA (PRWEB) February 17, 2014
Vendormate, a software-as-a-service company that provides innovative solutions to healthcare providers and suppliers, today announced its Vendor Engagement & Oversight solution. This solution is a significant expansion to its Procurement Cycle Management platform, which enables providers to improve supply costs and regulatory compliance, as well as streamline work processes.
Vendor Engagement & Oversight is the latest addition to the platform, which also includes contracting and vendor representative credentialing solutions. These platform solutions are integrated to deliver an end-to-end or holistic approach to procurement cycle management and vendor-related tasks. Using the full Procurement Cycle Management platform, healthcare providers can operationalize their policies into scalable, streamlined procedures for sourcing, vendor onboarding, OIG and business associate regulatory compliance, contract performance auditing, and more.
Our customers helped us understand their need and the importance of having visibility into all current and potential vendors, with company-level data captured and authenticated, said Gary Johnson, Chief Marketing Officer of Vendormate. We delivered on this need with a solution that accomplishes the upfront vendor relationship tasks of sourcing, OIG and business associate oversight, onboarding, and other tasks as part of an overall procurement cycle management process.
The vendor engagement capabilities of this solution improve cost reduction efforts and supply chain efficiency by:
- enabling providers to capture and authenticate company-level data from 100 percent of current and potential vendors;
- providing access to this data and all vendor-specific documents through a single solution;
- streamlining vendor onboarding and master data management;
- protecting vendor formularies;
- conducting vendor analysis on all spend categories, including those not overseen by the Purchasing group;
- managing sourcing functions like RFI/RFP processes and the search for qualified, vetted vendors by product/service category, diversity requirements, quality and cost improvement; and
- simplifying the process for vendors to provide company-level data and requested documents
The vendor oversight capabilities of the solution enable hospitals to:
- meet HIPAA business associate (BA) compliance requirements;
- screen and track vendors for BA status;
- facilitate collaboration on BA management across the enterprise;
- prepare for an Office for Civil Rights (OCR) audit with documentation to demonstrate BA oversight; and
- simplify vendors BA compliance tasks to build better partnerships that foster a culture of compliance.
Vendormate also provides support and best practice knowledge for upgrading policies, as well as designing and implementing new procedures and workflow. Additional services are available for vendor outreach and specific vendor management projects.
Collectively, the Vendor Engagement & Oversight solution archives and organizes all vendor company data and hospital-vendor specific documents in a vendor-centric manner, enabling authorized cross-functional hospital staff to access the information and accomplish their work tasks.
Chris Luoma, Vendormate Vice President of Business Development commented Our customers emphasized the need to solve specific challenges, but also connect and streamline work tasks to improve results throughout their procurement cycle process. He continued, Customers confirm we have delivered by adding our new Vendor Engagement & Oversight solution to our existing platform.
Vendormates Procurement Cycle Management platform and solutions leverage the Vendormate Network, a secure database built with vendor data from more than 2,000 hospital customers and more than 68,000 supplier customers.
Founded in 2005, Vendormate helps healthcare providers and suppliers form and optimize their business relationships with simplified and streamlined processes. Vendormate's unique relationship with more than 2,000 healthcare facilities and 68,000 vendors across the U.S. creates a vast vendor information network that integrates with all Vendormate services. Vendormate's Procurement Cycle Management platform provides healthcare organizations with a holistic approach to vendor management with solutions for sourcing, contracting, on-boarding, business associate management and representative credentialing. Our solutions for healthcare suppliers simplify compliance to provider requirements with reporting, document management and consulting services. In addition, suppliers can improve the effectiveness of sales and marketing dollars utilizing our sourcing solution to attract more customers in less time.
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