4 Key Factors to Guide Your Search for Healthcare Compliance Software

Four Essential Factors in selecting a new vendor

How to be sure your vendor selection will bring value to your company. 

Paul McCartney’s “Long and Winding Road” seems pretty appropriate when it comes to describing the process of selecting healthcare compliance software for your organization. From budgeting, to organizational buy-in, to contract negotiation, it’s often an exhausting journey with more twists and turns than one could ever anticipate. 

We decided it was time to dive in and do some research to find some useful tips for our readers. To tackle this issue head-on, we spoke with a Director Level HR Executive at a national Long Term Care organization, a customer of ProviderTrust, to discuss the challenges and successes that come with selecting a new compliance vendor. 

For our customer, meeting state requirements became too difficult through their pre-existing manual processes.

Her comments on the matter:

We have done the OIG since 2001, an easy process, but, when you add in all the state specifics it got cumbersome. We were looking to take that out.

With the challenge at hand, our customer walked us through the four factors she kept top-of-mind during her decision-making process:

 1. Compliance

Does the company help you meet all of your compliance needs? It is essential the company provides, at the very least, a set system that meets all of the basic compliance demands. Be sure to always use the most recent OIG work plan (2016 OIG Work Plan) (2015 OIG Work Plan), healthcare webinars, your network, and conventions as guiding tools to stay-up-to-date on best practices.

2. Pricing

You can’t skip pricing. These days, pricing is key with the way reimbursement rates are headed. The vendor needs to have a solid understanding of the balance between maintaining the value of their product, but also offering options that fit each companies unique needs. 

As our customer put it:

“ProviderTrust offered more bells and whistles than we turned on…but it is nice to have later on, down the road – if we need it it is there for me. We aren’t the status quo, we like to go above and beyond, whether it’s with our safety programs, quality control, compliance, etc., we don’t like to be just the bare minimum. The fact that ProviderTrust had options that fit our needs showed us the company [ProviderTrust] we were partnering with doesn’t settle for the status quo either.” 

3. Network Approval

During the process, it’s necessary to check with your professional community

In our customer’s case, it is vital to them, as an organization, that the vendors they partner with have LTC experience due to the specific regulations over the LTC sector. Healthcare compliance is one thing, but there are a lot of different factors within healthcare so the vendor must provide sure signs of LTC experience in order to provide the highest quality of service

“Long Term Care is our biggest piece. Healthcare is always important but we like to check with consortium members to say, ‘Hey, what do you use and is it working for you?'”

4. Capacity

Finally, when searching for vendors, you need to make sure their services and product can handle a large range of company sizes. It’s always helpful to research their existing customers and determine if they have similar customers that match your company profile. 

Ask yourself, does the vendor have customers in the same vertical as you, and what type of success did they have with them?

Ultimately, it is important to know vendors are an extension of your business, and a good business plan is all about maintaining and growing healthy working relationships. 

To ensure success in selecting your compliance software, keep these four factors top-of-mind and take time to know and understand the companies your considering adding to your team. 

What factors do you look for when deciding which vendor to work with? Comment below!

Other topics you might enjoy:
The Top Healthcare Compliance Tools You Should Be Using
Healthcare compliance: applying lessons from kindergarten
6 steps to ensure vendor compliance
Healthcare professionals speak on healthcare compliance issues

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