Whether reviewing a new vendor contract or negotiating new terms and conditions of an existing one, there are many key factors to consider. Most organizations view pricing as the most significant factor in choosing a vendor, but there are specific provisions to look for to ensure your company is meeting industry standards and regulations. Too often, companies move from one vendor contract to another without proper planning, and most arrangements are typically vendor-favorable. Therefore, the customer must negotiate many of the terms and conditions to neutralize or adjust them to their benefit.
Most vendors will negotiate the terms of your agreement, but if not, you can find one who is amenable. If you decide to accept the standard contract terms without negotiation, you assume all the risk with little recourse. Trying to resolve a contract dispute at the time of a breach is less efficient than negotiating an agreement with appropriate protections before signing on the dotted line.
Healthcare organizations must know and understand the contents of their third-party vendor contracts. This awareness is especially important in light of increasing cyber-attacks. You have everything to lose if you don’t take seriously the security vulnerabilities and risks caused by your vendor relationships. Further, you have much to gain, including peace of mind, if you protect your organization at the contract level.
Our contract negotiation professionals have many years of experience in negotiating contracts with system vendors, hardware vendors, service vendors, and telecom vendors. Even if you have already selected a system, we can help save you capital on your EHR and assist in negotiating the needed addendums.
Coker’s Contract Negotiation Services Include:
- Review any vendor-developed contract
- Lead negotiation sessions with vendors, attorneys, organization staff
- Develop contract revisions and addendums
Coker Group can review your vendor contracts to discover crucial risk areas including confidentiality of data or breach security provisions, vendor responsibilities, and vendor liabilities.