All posts in Risk Management

The Value of Strengthening Vendor Relations

Vendor management services allow you to build a relationship with service providers, such as companies providing human resources (HR) services, which will strengthen both businesses. Vendor management is constantly working with your service providers to come to agreements that are mutually beneficial.

The process begins by selecting the right vendor for the right reasons. The selection process can be very complicated and it is essential that you analyze your business requirements, search for prospective vendors, lead the team in selecting the winning vendor and successfully negotiate a contract, while avoiding contract negotiation mistakes. If you don’t know how to approach it from the very start you may run into problems that can undermine any positive outcome.

1. Sharing information and priorities

The most important success factor is the sharing of information and priorities with your vendors. Appropriate practices call for providing only the necessary information at the right time that will allow a vendor to better service your needs. For example, HR staffing services should help to enable you in finding the right temporary HR talent for your company and achieve the business goals for your organization.

2. Building long term partnerships

Vendor management seeks long-term relationships over short-term gains and marginal cost savings. Constantly changing vendors in order to save money will likely cost you more in the long run and can also impact quality. Other benefits of a long-term relationship include trust, preferential treatment and access to expert knowledge.

3. Understanding their business is equally important

Everyone is in business to make money. By constantly leaning on them to cut costs, one of two things will probably occur; either quality will suffer or they will go out of business. Part of this partnership is to contribute knowledge or resources that may help the vendor to better serve you, while helping you to understand their side of the business.

4. Value is an important concern

Vendor management services are about more than just getting the lowest price. The lowest price will often bring with it the lowest quality. You will, in the long run, be better off paying more in order to receive better quality. Any vendor that is serious about the quality they deliver won’t have a problem specifying the details of that quality in the contract.


Bed Bugs and Risk Management for Assisted Living Facilities

One concern involving assisted living facilities is the infestation of bed bugs from one single resident. In fact, bed bugs are becoming increasingly common in senior living communities due to their ability to travel easily from a resident’s previous home. In a group living arrangement, it is not simply the number of residents that compounds the likelihood of infestation, but the nature of these facilities that group interaction is often recommended, encouraged or even required as a form of therapy or as a measure of success.

Once in your community, these bugs can multiply and spread quickly, wreaking havoc throughout the building and affecting the well being of residents and staff. As part of your risk management for assisted living facilities, you must be prepared for infestations and know how to manage the problem efficiently and effectively. By recognizing signs of bed bug infestations and how to reduce the chances of one striking your community you’ll gain an understanding of how bed bug infestations occur and be able to build a risk management plan for dealing with this pest.

Bedbug tips for Senior Resident Housing:

The smaller and closer the living quarters, the more likely your residents may face the problem of bed bugs. If you do get bed bugs, it can be very costly both financially and emotionally. Here are some tips:

  • Before moving a new resident in, have someone check the room (specifically problem areas like mattress and box spring seams) and look for brownish red spotting, shed bed bug skins, eggs, etc.
  • Check to ensure that the place is clean and uncluttered  (more clutter means a greater chance of bed bugs)
  • Facility management should encase the mattresses, box springs, and pillows
  • Make use of an anti-bedbug laundry bag, especially if the laundry is done communally
  • Use metal (instead of wood) bed boards to make it more difficult for bed bugs to climb up

Being proactive in dealing with this issue will allow you to maintain a bug-free living facility and provide your residents with a comfortable place to live. Your efforts at maintaining a risk management plan for assisted living facilities will save you from costly extermination fees and business interruption.