15 Dec Vendor Management: Start Out Strong in 2018

Every practice has multiple vendors that help to keep your office running smoothly. If you’re generally happy with the service you’re receiving and the pricing you’ve received seems reasonable, then reevaluating your vendors is likely not on your radar. Besides, you have multiple other to-dos on your plate and if it’s not broken, it doesn’t need fixing. However, things are constantly changing in vendor markets, and you may be able to save your practice some money by taking the time to review your agreements.

Are there new players in the market that you should be evaluating?

Have you had an agreement in place with the same vendor for several years without revisiting it? Reach out to discuss the relationship and the terms of your agreement and try to renegotiate your pricing.

Are there group purchasing organizations you should investigate? Accessing vendors through group purchasing organizations can be a great option because vendor agreements are reviewed regularly. You can take advantage of volume pricing, and there are often other rewards for your practice in the way of receiving back a percentage of purchases and other discounts.

If you haven’t looked at your agreements in a while, put this on your list for 2018!

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