CaseRev, Inc., has announced the release of VenCore, a Web-based vendor relationship management (VRM) system for claims professionals, attorneys, and the claims and legal vendors they retain.
Purchasers of vendor services often are mired in problems related to the assignment process and are unable to rise above individual transactions to manage vendor relationships. As a result, they suffer from a dramatic lack of information and metrics about the vendors they use.
The VenCore system integrates with existing claims, invoicing, imaging, and workflow systems and includes a vendor directory, a transactional platform to facilitate new referrals, and communication tools to share documents and files. Companies can upload and enforce assignments to their own preferred lists of vendors or select from any vendor in the CaseRev community in more than 500 service categories. Vendors can attach current license and insurance information to their profiles, facilitating panel and vendor administration. Users can track the status of each assignment and access files, documents, and messages.
"We were shocked to discover most companies are unable to track vendor relationships, spend by category, or even compliance with their own preferred vendor panels, especially in light of the fact that in the property/casualty industry alone there are more than 100 million vendor assignments annually," says Steve Pratt, founder and CEO of CaseRev. "Without efficient metrics, it is impossible for companies to appropriately manage their supply chain and leverage volume into a corporate asset and competitive advantage."
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