Update Your Vendors NOW!
If you are not using the latest version of the BA, go ahead and update now! Then rate your vendors so that this HIGHLY VALUABLE data appears in your system! You have to “give to get” in order to see the satisfaction and market share rankings!
In the Benchmarking Application (BA) Version 15, there are 15 categories of vendors that tell you the two main things you want to know about vendors when making selections:
- How much does it cost?
- Are users happy with the vendor?
Vendors are critical to an organization. They represent YOU! They are part of your vow or promise. A business is a promise. When you don’t do what you say (a service failure), it is a lie or an exaggeration, and both reflect poorly upon your Integrity, which tarnishes your reputation. So vendor selections should be carefully considered.
This feature in the system is worth MILLIONS for most organizations! The point is that you want to work with the BEST vendors! Over time, your organization will pay vendors millions of dollars. MVI is pretty much a rounding error in comparison regarding cost and gives Hospices access to the practices of the 90th percentile (if you are a Network client). However, your Pharmacy, DME, Medical Supplies, EMR, Insurances, Telecommunications and other normal vendor categories represent GI-NORMOUS dollars!
With this said, sometimes Hospices need perspective of the VALUE that comes from the MVI Benchmarking and/or Network relationship. The type and level of detail in the MVI Benchmarking application is uncommon, not to mention the fact that you don’t have to do any extra work to extract the monthly data or manual input if you are using the application properly. You do not find this level of detail in other sectors of healthcare or business (we know this because we have hospital systems, home health organizations, nursing homes and others continually asking for it). Sometimes Hospices overlook this because they are so myopically focused on our Hospice movement and feel that the movement is not advanced in its data systems. This is not the case regarding Benchmarking…we are ahead of the curve in this area!