Are your vendors also your business partners?
While having customers/clients is vital to your business or practice, vendor partner relationships play an important role in efficiency and how smoothly your company or practice operates. Therefore, having the right vendor partners can make it easier for you to succeed and grow your business or practice.
A vendor provides products and/or services to businesses/practices. A vendor partnership goes beyond the scope of just their products and services. When a partnership exists between your business/practice and the vendor, there is a cooperative effort to succeed together. Vendor partners want you to succeed. They do not just sell you a product and then walk away. They continue to be responsive to your needs even after the sale. It means that your phone calls and emails are returned in a timely manner. Good vendor partners understand that communication is key to a successful relationship. Vendor partners also respects your time, which means that scheduled meetings are on time and the necessary individuals are present on conference calls. Your vendor partner should be experts in their field and can help you resolve any issues you run into.
How do you find the right vendors for your business or practice?
It is wise to have a specific process in place for choosing the right vendor. We recommend the following processes:
- Define what product or service you are looking for, defining the technical or business requirements, and the vendor qualities you are looking for.
- Compile a list of possible vendors
- Get a demo of the product.
- Ask all the questions that you and your team have after viewing the product.
- Research their website and their social media pages to get a feel for their business goals and culture.
- Interview and get to know all the members of the vendor’s team who will be involved in the implementation process.
- Ask for references of their current customers/clients
- Request a quote for the product or service.
While the pricing of the product or service is a factor, keep in mind that there is added value with the quality of the vendor partner team that you will be working with. You want a team that has good communications skills in addition to their expertise, for example. References are important because it is an indication of their reputation. You should factor in these traits when evaluating the pricing.
Keep in mind that the basis for a relationship is trust. You should feel trust with a good vendor partner. Getting a good impression from the start is important. Pay attention to things that do not feel right. In order to have a successful partnership, it is vital that you like the people at the vendor company. You must feel comfortable interacting with them.
The partnership relationship is reciprocal. If your vendor partner takes good care of you, you may also want to promote your vendor partner. A successful relationship is symbiotic one. Physician Revenue Navigators has great relationships with our vendor partners. We can count on them to be responsive to our needs and to our success. Therefore, we are happy to give references, recommendations or good reviews for our vendor partners.
Physician Revenue Navigators is a premier company that provides revenue management for healthcare entities. Contact us to learn more about how we can help you because we have great vendor partners to help our business.