Maximize the Value of your Supplemental Benefits Vendors

In recent years, many national and regional payers have invested heavily in various condition-specific, and/or health-related social needs (HRSN)-specific third-party vendor solutions that, unfortunately, may not be delivering quantifiable value. A recently published digital diabetes solution evaluation by Peterson/ICER1 calls into question the value of many such solutions—and the market is taking notice. Payers can soon expect more evaluations of digital health solutions, for conditions beyond diabetes alone. 

Business Opportunity

Given the significant costs associated with contracting third-party vendors, it is critical for payers to understand how all contracted organizations—including in-market community health and non-profit partners—contribute to either tangible cost savings or top-line revenue generation. However, conducting a comprehensive vendor evaluation can be a heavy lift—especially for larger national payers that may have decentralized contracting activity at the market level.

The reality is often siloed, decentralized, and inefficient practices, marked by limited data sharing, lack of transparency on ROI, inconsistent approaches to digital adoption and preference collection, struggles to demonstrate cost savings, risk and cycle time associated with both implementation and change management, and a lack of central member communication template storage and governance. Payers looking to maximize their investments in third-party vendors need expertise to better manage their contracts and ensure vendors are delivering on their promises. 

Engagys’ Vendor Assessment Solutions 

To help payers improve their approach to vendor management, optimize the offerings that are valuable to members, and drive tangible results for plans, Engagys begins by understanding our clients’ comprehensive roster of contracted vendors across both markets and vendor types. For larger organizations, this may require a deep dive at the market level to assess overall partners, specific contract parameters, and measures of success. 

Once a thorough understanding of the vendor landscape is established, Engagys collaborates with both payer stakeholders and appropriate partner contacts to collect and analyze current program data. Key questions related to outcomes and the achievement of contract objectives are explored, including establishing a direct line of impact from the vendor to payer goals, such as: 

• Increase in enrollment and retention  
• Reduction in emergency room utilization 
• Reduction in inpatient hospital admissions 
• Reduction in inpatient hospital readmissions (e.g., 30-day all-cause) 
• Increase in program enrollment and member engagement 
• Decrease in communication execution costs 
• Decrease in over-communication 

Once credible outcomes and ROI data can be established and tied to delivered value, Engagys advises payer clients on impactful next steps related to vendor ecosystem strategies and mix. 

Deliverables 

Engagys provides a full suite of vendor assessment solutions, including:  

• Prioritization framework of vendors, impacts, value 
• General vendor assessment and outcomes study 
• Comprehensive vendor inventory 
• Vendor selection advisory, including RFP execution and evaluation 
• Facilitation of vendor proof of concept 
• New vendor implementation  

Real Results: Vendor Assessment Case Study 

Our client, a large national health plan serving Individual, Medicare, Medicaid, and Commercial populations,​ sought a digital transformation vendor to meet strategic member communication and corporate cost-savings goals. Engagys executed print modernization activities, including:​ 

• Developing vendor assessment criteria​ 
• Conducting vendor assessment and comparison research​ 
• Designing a detailed proof of concept program​ 
• Evaluating vendor partners and providing recommendations 
• Made recommendations on vendor consolidation that drove millions in savings

Transform your Approach to Vendor Management 

Understanding how vendor partners drive outcomes within the context of your organization’s ecosystem allows you to adjust strategies—and vendor mix—to maximize dollars. Engagys provides the expertise and insights needed to ensure your vendors deliver real value and align with your strategic goals. 

Contact Engagys today to learn how we can help you transform your vendor management approach and achieve measurable results.