All healthcare organizations are challenged by the process of evaluating and approving vendor organizations for contracting—something we refer to as “vendorization”. It is critical to ensure that your vendors are REAL vendors, meaning that they are: operating under state-approved names and TINs, not excluding from doing business under federal/state programs, are financially solvent, and are able to perform the work that they are contracted to do.
We have discussed vendor contracting challenges with both current and prospective clients, and they have agreed that the key to successful vendorization is to directly involve vendors in the process. As a result, our company has developed a comprehensive program to assist with vendorization that includes:
- TIN / Social Security Number Verification
- E-Verify Search with Case Number
- Government Watch List Verification / OFAC
- Exclusion checks of vendor entities, owners, and employees
- Background checks
- Credit checks
- Bankruptcy / Liens History
- Generation of W-9 forms
- Data integration with CRM & A/P systems
Our vendorization program can be customized to meet the needs of your company’s systems/procedures for all areas of vendor contracting, including: vendor application, registration, sanction screening, vendor # generation, vendor approval status, W-9 form generation/storage, and internal updates for CRM and A/P systems.
The flow chart below outlines our basic program for vendorization:
The direct involvement of vendors in the vendorization program ensures that they will be providing correct identity information to you, and therefore will be correctly vetted prior to doing business with your organization. Also, because the vendors participate directly with us, and pay a small annual fee for vendorization, the costs to your organization for the program are minimal.