Checking in: How to offer vendors a concierge experience

As you likely know, including more vendors in your payment integrity operations is likely to boost your recoveries. Yet, managing relationships with them can feel burdensome when we don’t have access to the right tools or information. That’s why we’ve set out to give those suppliers working with Pareo what I like to call the “Ritz Carlton experience.” 

That’s because — as with every relationship — you get from your vendors what you put in. We want to enable our clients to give their suppliers a five-star experience when working together. We developed Pareo Supplier Optimization to give your PI department all the tools they need to work effectively with vendors by boosting transparency, increasing engagement rates and contributing to improved recoveries. Perhaps you’ve discovered for yourself the value Pareo brings but you’re still looking for other ways to increase vendor experience. If so, read on.

7 Ways to Treat Your Vendors as Well as Customers

So much focus has been given to improving member satisfaction at health plans (with good reason — it’s important). But your vendors are such an important part of health plan operations, why not focus on their satisfaction as well? Are you giving them everything they need to help you maximize your return on investment? 

As you look to technology to improve supplier relationships, be sure to cover all your bases by striving for these 7 important functions that can lead to a better vendor relationship:

1. Share goals. The most successful vendor relationships function more like partnerships, rather than transactions. You both have the potential to provide greater value to the other.

“Vendor management is not negotiating the lowest price possible but constantly working with your vendors to come to agreements that will mutually benefit both companies.”

2. Communicate clearly and consistently. Transparency allows everyone to be on the same page. Both sides should be able to easily provide access to information on project progress — without asking for silo-ed status updates. “There may be issues between you and your vendor, but constant communication and a dedication to continuous improvement will make the difference,” writes Brian Fielkow.

3. Plan ahead. Set expectations on service level agreements, contract terms, etc. Surprises and emergencies are inevitable, but should be the exception with a well-thought out vendor plan. 

4. Pay on time. Their invoice should never be a surprise. Paying in a timely manner communicates to vendors that their work is valued.

5. Provide process training for your vendors. They have their area of expertise, which likely does not include “how you do things.” Set them up for success by bringing them to the table.

6. Be reasonable and accountable. Vendors are third-party stakeholders that rely on you in order to perform at their best. Likewise, you rely on them to meet their goals. Respect is a key part of the vendor-payer relationship and for health plans, that means being reasonable and accountable in vendor relations.

7. Make the most of meetings. The quarterly business updates that characterize most third-party payment integrity vendor relationships can be more valuable than out-of-date “status updates.” They can be meaningful strategy sessions, if the day-to-day communications are taken care of.