Out Negotiate Your Vendors | E.22

How to out negotiate your vendors and the value and impact it can have on your financials.

 

 

Episode Introduction

In Episode 22 of The Healthcare Leadership Experience, Lisa is joined by her producer, Lisa Larter of The Lisa Larter Group, and Rich Dormer and Bryan Covert from the VIE Healthcare® team. Together they discuss the challenges hospitals face in vendor negotiations.

As Lisa comments: ‘’Your vendors are highly trained negotiators. They are highly skilled… trained in negotiation, influence, pricing strategies, several times a year…your employees are negotiating with pros.’’

This episode is sponsored by VIE Healthcare Consulting® which has proudly helped hospitals save $758 million since 1999.

 

Show Notes:

 

Why negotiation has a specific value and impact on financial performance – and why
preparation, data, and strategy are key to success.

The 8 ways vendors increase their margins through negotiation including:

Why every hospital needs to prepare for inflation: ‘’Inflation is going to be an issue.. vendors are going to come back and renegotiate based on inflation.’’   The unexpected ways vendors circumvent the negotiation process (Hint: internal collaboration and alignment are critical to combat this strategy). 

Why every hospital needs to prepare for inflation: ‘’Inflation is going to be an issue.. vendors are going to come back and renegotiate based on inflation.’’

The unexpected ways vendors circumvent the negotiation process (Hint: internal collaboration and alignment are critical to combat this strategy).

The vital need to set parameters in contract negotiations, and the reason there’s a spike in pricing strategies among vendors.

How hospital employees can become great negotiators through training. ‘’Hospitals have a competing set of priorities … they have to maintain their margins for patient care, so they need to be astute at negotiation.’’

Why every healthcare organization needs to remember that negotiation is a process, not an event – and how emotion can come between your hospital and cost savings. ‘’Emotion is where mistakes happen.’’

Why walking away from negotiations is preferable to signing a deal that has a negative impact on your costs and organization for years to come.

Contact Lisa Miller to find out how VIE Healthcare can train your team to become highly skilled negotiators and secure the best pricing and terms for your hospital.

Connect with Lisa:
📧 lmiller@viehealthcare.com
🖥 https://viehealthcare.com
📱https://www.linkedin.com/in/lisamiller/