In today’s healthcare industry, not only how you do business matters, but also those whom you do business with. Healthcare institutions are required to perform a regular monitoring of their current and potential vendors; this is meant to ensure that they are in compliance with various statutory requirements set by Office of the Inspector general (OIG).
There are various heavy repercussions that healthcare facilities can suffer including financial ones, if they are found to be in business with vendors listed in List of Excluded Individuals and Entities (LEIE).
To avoid such repercussions, hospitals, among other healthcare facilities, are widely seeking the services of Vendor Credentialing Companies such as vendor credential solutions by Symplr. Such solutions ensure that they are compliant in a number of ways including:
- Exclusion list checks of incumbent and potential vendors
A few years ago, the OIG came up with a detailed Special Advisory Bulletin on how health institutions should monitor their vendors. It was recommended that the healthcare facilities conduct a regular credentialing; as regular as on a monthly basis. Third-parties with more advanced database systems are excellent at conducting exclusion list checks on behalf of hospitals, among other healthcare facilities.
- Exclusion screening
As per guidance of the OIG, healthcare facilities receiving federal funding are required to screen (on a monthly basis) all persons and entities, directly or indirectly involved with healthcare exclusions. This encompasses all employees, vendors, contractors, students, volunteers, and any other party entering healthcare facilities. Vendor credentialing Companies have come up with software algorithms to fast make this process a success.
- Supply chain and materials management protocols
To ensure that there is no conflict of interests between any parties involved in acquisition of healthcare logistics, vendor credentialing solutions performs a monitoring on the past records of all the parties involved. This sheds more light on decision making processes in terms of whom to grant access to various parts of a healthcare facility, as well as engage in different contracts.
- Quality assurance and risk management
Vendor credentialing solutions, especially those managed by third parties, have heavily invested software tools to monitor exactly how different hospital vendors are performing via analytics that quickly report incidences as they occur. These trend quality indicators are what guarantee quality assurance and risk managements for healthcare institutions.
- Wide consultancy options
There are many, ‘how to…’ question regarding various credentialing strategies faced by healthcare institutions. Vendor credentialing solutions not only provide theoretical answers to such questions, but also offer practical solutions. The various in-house teams and third party companies can always consult each other on how to best protect the patients through robust credentialing options.
Regardless of whether an hospital relies on their in-house credentialing team or third party services providers; what is most important is that they ensure they are in compliance with the set vendor regulations. This will save them huge sanctions as a result of strict compliance with the governing regulations, as well as boost patient’s confidence in the quality of their services.