Vendor management systems (VMS) benefit companies in numerous ways. When people think of vendors, they often think of suppliers. However, contingent workers also fall under this category, and the right system helps a company manage the entire lifecycle of these workers. It handles everything from sourcing workers to offboarding them when their jobs are complete. Program managers find having one platform for these tasks simplifies their jobs in countless ways.
Contingent Workers
Any individual who works for a company but isn’t directly employed by the company is a contingent worker. Most people consider gig workers contingent workers, but many others can be identified using the same label. They are vendors as they provide a service for the organization that adds value. Many healthcare organizations today are using a VMS for locum tenens to see the highest return on investment from these professionals.
Why Invest in a Vendor Management System?
A VMS allows companies to make decisions faster, as they have information at their fingertips. The company can ensure it complies with all laws and regulations while building a successful workforce strategy. Once the system is in place, the company uses the system to implement the plan. Managers turn to the program when completing daily tasks and benefit from the collected data, as it gives them a better view of the overall organization.
The Benefits of a VMS
A VMS allows healthcare organizations to react quickly to industry changes while filling skills gaps. The system helps the organization attract top talent while streamlining manual processes workers dislike. The management team can easily see the entire workforce and where gaps exist before using the program to hire workers. When this system is in place, the whole process of bringing employees on board takes less time.
The company may use the program to simplify invoicing and reduce costs. These cost reductions are often achieved by managing compliance while reducing the company’s risk exposure. When an employee leaves the company, the program is helpful throughout offboarding.
Features Found In Vendor Management Systems
While each VMS is unique, certain features are found in these programs. Supplier management and headcount tracking are standard features in vendor management systems. Risk mitigation and consolidation billing are others. All programs offer reporting capabilities.
Compliance
Many locum tenens agencies place workers globally. They must ensure compliance with all laws and regulations when doing so. The agency must choose a VMS that can handle global invoicing, comply with in-country tax structures and local currency billing, and manage other tasks related to a global workforce.
Security
Security must be a priority when choosing a VMS, as contingent workers come with security risks. The system stores personal data related to these workers, and the agency needs to ensure it adheres to personal data standards for the various countries where workers are placed. Look for validation from trusted third parties when selecting a VMS
As more companies embrace vendor management systems, the industry is using the latest technology to improve its offerings. Machine learning and AI are being incorporated into these systems to ensure users have access to all they need when managing locum tenens and other contingent workers from the recruitment phase to offboarding.
Locum tenens play a significant role in healthcare today. Agencies must manage these individuals properly to ensure they are available where needed. A VMS system helps the agency achieve this goal so everyone can benefit from timely care provided by trained individuals.