Processes have shifted substantially within the health care staffing industry in recent years. Not only are new and changing sector regulations impacting critical processes like credential management, data privacy and compliance, but an increasing number of key activities are now being digitized with the help of key software systems.
This means health care professionals are dealing with different workflows supported by new tools, and one such platform that's become essential for them is vendor management software.
Today's VMS marketplace
According to recent Technavio research, the global vendor management software market is on pace to reach a value of $6.58 billion within the next three years. This market expansion has been driven by multiple elements, including needs for cloud-based solutions equipped with critical integration capabilities.
As Technavio industry expert Amrita Choudhury noted, one of the most pressing challenges is the ability to track relationships and employee performance across multiple supplier partners. This is where a VMS comes in.
However, not all options available today are one-in-the-same. Here are some of the most important features to seek out when your organization looks to adopt VMS technology:
In-depth vendor management capabilities
As the name suggests, a VMS platform should offer robust features for managing partnerships with vendors. This encompasses important capabilities like:
- Real-time auditing of vendors and staff compared to job orders.
- Automated order processing and vendor tier-organized order distribution.
- Access to standard and customizable reports outlining vendor performance and contractual obligations.
- Ability to process singular, unit-level invoices.
Capabilities like these make it easy for health care staffing managers to get the in-depth insights they need to accurately and efficiently oversee staff and vendor partnerships.
Automation support, particularly for payroll
It's no secret that accounts payable is one of the most labor and resource-intensive departments across an organization. Accounting and especially payroll processes can greatly benefit from automation, which helps eliminate time-consuming manual work while supporting speedy invoice approval and on-time vendor payments.
A VMS that includes automation can capture hours worked in real-time, as well as automatically approve and process invoices according to the organization's own unique rules. These important VMS features help streamline payment processes, which is considerably helpful since the workforce includes an array of different staff members and vendor partners working together.
Industry experts, including Brandon Na of Seattle Organic Search, recommends selecting a VMS that's able to integrate with some of the other platforms that the company utilizes for related processes.
"We use so many tools for accounting, invoicing, collecting and all other business functions that integration is simply key," Na said.
Aberdeen Group research supports the need for VMS integration. Researchers found that while 72 percent of businesses currently have a single vendor management system in place, fewer than 17 percent have realized savings without integrating the platform to create more unified business processes.
Automation and integration are critical for VMS success, along with real-time reporting, credential and compliance management, recruitment and candidate communication. To find out more about the top features to look for when selecting a VMS, connect with the experts at BlueSky Medical Staffing Software today.