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Tips for Building Successful Vendor Partnerships

December 9, 2021
Revenue Roundtable Podcast Episode 41 - Developing Successful Vendor Relationships

Hospitals and health systems are in the business of providing care, which means it is critical to partner with vendors who not only understand but also share your gold standards for service excellence and the delivery of an exceptional patient experience. We recently sat down with Mike Simms, Vice President of Revenue Cycle for Cone Health, on the Revenue Roundtable Podcast to discuss what makes a vendor partnership successful. Here are a few of the tips we learned: 

Values Matter

“It’s very important for us in our business to have [a partner] that can be an extension of our business office.” According to Simms, with more accounts than the hospital can handle it is essential to find a partner who will offer the same level of service to their patients in carrying out the critical function of revenue cycle management. 

Differentiation is Key

“What differentiates you? I’m looking for something that is unique, someone who has technology because technology is important to maximize productivity and efficiency,” explained Simms. There are a lot of revenue cycle vendors in the market, and the truth is that many of them offer the same suite of services. The key to finding the right vendor for your organization is to determine what differentiates each from the next and to find that perfect fit. 

He also went on to share that a differentiator for him and Cone Health is a vendor that doesn’t necessarily “know everything.” In a true partnership, the hospital and the vendor should work, learn, and grow together for the benefit of both businesses. 

You Get What You Pay For

Perhaps Simms’ most important tip for finding and building successful vendor partnerships is that it’s not always about the fee. “More and more, I think that it’s important for a vendor to win on the fees. I strongly believe in a tiered approach. We create a baseline for vendor performance, and if they perform above that baseline they should be rewarded.” 

The ability to establish a fee structure that benefits both the hospital and the vendor is only one of the key elements to consider when selecting a partner for your hospital. You also want to ensure that the vendor you choose:

  • Is willing to take suggestions and improve their services
  • Has integrity and is honest
  • Has earned a great reputation
  • Is always looking to improve

Looking for more expert advice? Tune in to our chat with Mike to get the information you need straight from the source! And to find out what our secret sauce is – what differentiates Revco Solutions from the rest – browse our materials on the Revco Solutions Resource Library or contact us today!

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