Importance of Vendor Management Solutions in Healthcare Industry by eGestalt


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									               Importance of Vendor Management Solutions in Healthcare Industry

The new era business processes resort to technologies, both internal and external for improved communication
and transactions as Business partners today are located around the globe. Today the medical and healthcare
sector too depends hugely on business skills outside their core area of expertise to expand their business.
Vendor management is a process that helps healthcare providers to control expenses, attain service excellence,
and understand and resolve the risks involved in data sharing with any third-party service providers. Therefore, it is
important for medical and healthcare providers to be cautious about the data transaction that takes place in this
process and keep the sensitive data secure. Service providers in healthcare segment, such organizations managing
healthcare solutions and carrying out clinical trials using PHI (Patient health information) and insurance clearing
houses are considered as Covered Entity or a Business Associate.

According to the HIPAA/HITECH compliance management policies business associates comprises of the following:-
        Off-site backup facilities.
        Transcription services.
        Billing services.
        Remote managed services.
        IT service providers.
        Third-party administrators that helps in health plans along with claims processing.
        Pharmacy benefit managers.
        The attorneys, CPAs and law firms having access to PHI.
        Consultants conducting utilization reviews for hospitals.

Keeping in mind all these factors, service providers of IT security and compliance management have come up with
advanced vendor management services/ solutions that ensures that a healthcare provider and its outsourced
vendor stay compliant. The services offered are:
        Allows integrated external business associate and vendor management.
        Offers configurable citation and policy-based risk model with instant risk status.
        Provides easy-to-use pre-packaged content comprising best practice, policy and assessment. questions
        along with the capacity to completely and quickly customize.
        Offers a single, centralized repository for every compliance-related evidence.
        Offers a comprehensive cloud-based service with zero hardware or software investments required.
        Provides high-end and secure GRC.
        Efficiently generates compliance activity email reminders.
        Offers an alternatives for self-assessment, pre-audit and auditing purposes.

With rapid pace of economic development most companies today focus on the risks pertaining to the supply chain
and their services. Hence, an organized vendor management policy helps in growth, monitoring revenues and
reducing risks from all business units. Furthermore, advanced vendor management solutions helps to generate
extensive risk and compliance reports on demand and can conduct end-to-end compliance monitoring along with
real-time dashboards.

Read more on - Payment Card Industry Data Security Standard (PCI DSS) Compliance, Threat Management Security

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