Time of Year to Look at Your Vendor Relationships

Written and Reviewed by Reed Tinsley | January 25, 2008

Evaluate Vendor Relationships

Since it's the beginning of the year, now is a good time to review your vendor relationships. Consider going through all of your vendors from A to Z, list out their contract terms and pricing, compare it against the marketplace, and then call each one in and renegotiate (tactfully demand) a better deal or you'll change to another vendor.  Many times vendors will gladly renegotiate with you rather than lose the account. For example, many practices will compare their medical supply costs against online vendors, such as esurg.com.

Also, when doing this, evaluate whether or not you really need the product and/or service in the first place.

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.

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