RFPs - Vendor Selection & Management
Vendor selection and management are some of the most important features of our Health & Welfare consulting practice. How you select and manage vendors directly impacts your bottom line. We find the right vendors for your needs and manage them effectively, allowing you to offer the most comprehensive, yet cost-effective benefits to your employees.
We select and manage vendors by:
- Taking the time to understand your culture and requirements, conducting employee surveys when necessary.
- Developing long-term strategic cost-management solutions, recognizing that the lowest bidder is not always the best answer.
- Working with any qualified vendor with an impartial approach. As an independent, privately-owned firm, we adhere to the highest ethical standards when dealing with third party vendors.
We maintain in-depth knowledge of the marketplace, constantly updating our information on new offerings. That expertise builds on our experience with all types of plan and vendor searches, whether you are looking for a traditional plan design, or a new, emerging product. We also understand the unique budgeting and time constraints HR departments face, which is why we developed our comprehensive vendor selection solution.
Our dedicated and impartial staff evaluates your business needs, produces customized high-quality RFP/RFI documents, and manages the RFP process. Services include:
- A comprehensive results report that reveals hidden details and explains important contract provisions, allowing you to focus and plan appropriately.
- Senior staff personally negotiate with vendors for maximum leverage and best value.
- We follow through beyond implementation, to determine that pricing, service and performance guarantees are met.
Case Study #1
A large national corporation faced annual medical plan increases of 20% or more, due to high carrier profit margins and fragmented plan offerings. They were also struggling with vendor service issues. Meanwhile, low employee satisfaction with the benefits plans resulted from both poor plan communication and high annual increases in employee costs. In the past they had trouble obtaining competitive quotes from vendors.
- We performed an RFP that focused on guaranteeing access for participants throughout the country, while improving service and lowering costs in the long and short term.
- Three years later, the average cost increase per year for this group was 5%.
- Employee satisfaction with the plan increased, as we streamlined communications and employee contributions were maintained at manageable levels.
Case Study #2
A hospital with a substantial union population wanted to switch to a medical vendor with a larger provider network. They felt constrained, however, because the smallest details of their medical plan were built into their union contracts.
- We were able to negotiate a new plan with a better network. Through our extensive due diligence process, we ensured that each and every plan detail was preserved with the new vendor.
- The union was very happy to have increased provider access, and contract negotiations that year went more smoothly than ever before.
