In Episode 22 of The Healthcare Leadership Experience, Lisa Miller is joined by her producer, Lisa Larter of The Lisa Larter Group, and Rich Dormer and Bryan Covert from the VIE Healthcare®️ team. Together they discuss the challenges hospitals face in vendor negotiations.
Audiogram A:
When you go into a negotiation, it’s important that you feel confident. We can coach somebody in the beginning who feels, "No way, like you're telling me that's the price? We have to ask for that?" And we can move them through to, “Oh, I see. I get it. I'm on board completely." But it's about the data, it's about the strategy, the story, the examples so the person feels confident going into the negotiation.
Audiogram B:
Vendors will use different strategies in negotiation. For healthcare organizations, preparation is key, data is key, building a complete negotiation strategy around data is key; taking the emotion out and putting together a plan and getting internal collaboration are also key. If you're in a high-stakes negotiation, you need a coach—someone on your team to help you get the best deal.
Audiogram C:
When you're outsourcing a service, the vendors can seem like your coworkers, but really they work for another company. One of your jobs is to try to drive costs out of his agreement. But that's going to affect his bonus, his ability to give pay raises, whatever he has planned for that extra profit margin they're making at the hospital. That’s a tough conversation, so we really must respect that.
Audiogram D:
Your vendors are highly trained negotiators. They are getting trained in negotiation, influence and pricing strategies several times a year. In our workshop for negotiations, you’ll see all of the training programs that are out there and the companies that are using them. Your hospital employees are negotiating with pros.
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