Collecting data on third-party contracts can simplify the process of lowering supply chain costs, according to Vizient, a healthcare management consulting company.
Vizient shared the following supply chain tip on its blog:
"Start gathering the data by making a list of all third-party vendors used throughout the organization and their associated stakeholders. It's important to speak with every stakeholder on your list and review each vendor's contract.
"There are a few key things to look for in your service contracts:
• What's my rate?
• What are the scaling terms?
• Is there an auto-renewal in place? If so, when?
• What are the termination clauses?"