It’s Not New, Except to Healthcare

June 26, 2008 at 12:19 pm Leave a comment

Kroll is a global risk consulting company with a 30+ year track record of business intelligence gathering, data investigations, and security screening.   So it was with some confidence in its credentials that I read its recently released article, The Best Defense is a Good Offense: The Importance of Screening Vendors.  According to Kroll, vendors account for most of the fraud in the supply chain.  While Kroll writes with a view to businesses operating in global manufacturing and distribution environments, it outlines ways to mitigate the exposures of fraud in the supply chain that apply to all businesses. 

It cites the value of outsourcing your vendor verification because:

The beauty of out-sourcing to professional screening experts is that you get the benefits of their investigative experience and their service for free, as the industry practice is that vendors pay the fee for this activity, usually from $700 to $1200, for the right to pursue or keep your business.

Pressure to squeeze as much unnecessary cost out of healthcare as possible rises in tandem with the rising expenses.   The savings realized by squeezing fraud and risk out of the supply chain is much greater than the expense of hiring a watchdog.    

 

Entry filed under: Know Your Vendor, risk management, vendor compliance, vendor credentials.

OIG Excludes Nearly 1300 in 6 Months Greening the Supply Chain

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