With the growing healthcare regulatory environment, hospitals are now required to perform a regular monitoring on individual persons and institutions with whom they get into business ties with. These monitorings should be performed as often as once in a month, as guided by The Office of the Inspector General (OIG).
As a result of the intensity and repercussions of engaging vendors listed in Federal Exclusions Lists, more hospitals are shouldering third-party vendor credentialing services providers with the mandate of verification. Such third-parties not only free them of the administrative burdens, but also gives them assurance of a work well done as a result of huge technological investments they have placed in their services.
The credentialing companies achieve a level of scrutiny targeted by both the hospitals’ management and the federal government. They methodologies are complete and efficient, unlike the massive paperwork that healthcare facilities initially over relied on.
To be accredited by the companies, vendors have to complete courses in specific areas of studies such as infection control. The companies further digs into the vendors’ past records such as criminal background checks as well as they are on any healthcare-related watch list as a result of business malpractices.
Vendor credentialing solutions for hospitals comes with a significant number of advantages apart from compliance with statutory requirements. Firstly, these solutions boost the security of healthcare facility. This is because once a hospital seeks the services of a particular vendor credentialing company, they make it a mandatory requirement for vendors, among other parties to be verified before accessing their facilities.
If any vendor tries to check in with credentials that do not satisfy the basic requirements of the hospital, access is denied and an alarm is sent to an administrator.
Secondly, the solutions also streamline the supply chain management of the hospital. Since it is a requirement that all stakeholders in the hospital supply chain be monitored; the possibility of conflicts of interests arising from various stakeholders in the chain supply process is eliminated or significantly reduced.
Additionally, third-party vendor credentialing services also boost the decision making process for hospitals management bodies. With access to data containing a thorough scrutiny of the various parties they are in business with or target to be in business with; hospital administrators are better placed at deciding whom to grant access to their facilities as well as whom to confidently award contracts. On the same note, verified vendors and other stakeholders can also use such scrutiny to their advantage and use it as their part of their bargaining grounds when striking deals with hospitals.
All in all, vendor credentialing solutions amount to quality assurance and risk management in hospitals. This is because the services focus in ensuring that only the best products and services get to the patients, as well as eliminate the chances of hospitals getting into partnerships with vendors of questionable dignity who might land them innumerable sanctions.
Every healthcare institution should, therefore, think of embracing a detailed vendor credentialing procedure regardless of whether they are conducting it with their in-house teams, or sourcing it to third parties which has been considered best practice by many healthcare bodies.