5 Steps for Providers When Selecting a Healthcare Technology Vendor

Selecting a partner that maximizes both the revenue cycle and the patient financial experience is a practice in purpose and passion.

Healthcare providers typically rely on a multitude of vendors to help them deliver care to patients. Depending on time and interests, physicians themselves may or may not work directly with revenue cycle management vendors; however, healthcare administrators communicate with vendor representatives more frequently — weekly or even daily. Providers and vendors work together to establish initial goals and KPIs based on historical data. This is the reason some providers choose to maintain ties with vendors they aren’t satisfied with, even if doing so negatively impacts their overall operations. Selecting a partner that maximizes both the revenue cycle and the patient financial experience is a practice in purpose and passion. While these tips are helpful for avoiding mishaps with established vendor relationships, providers should take note of the following five steps before choosing a vendor. To that end, ask vendors to provide client lists, and call a handful of those clients to learn more about their experiences. You might be meeting with them weekly or even daily when there is a lot to be done, and you’ll want to know that you can count on your partners to provide the support you need when you need it. As your practice evolves, a good vendor will help guide your growth with recommendations based on real-time analytics and deep domain expertise.