Single Subscription Overview

We are excited to introduce a new way to simplify your vendor compliance management with our Comprehensive Vendor Compliance (CVC), single subscription model. This transition is designed to make compliance easier and more cost-effective for both you and your vendors.

Overview

The VendorProof Engage subscription has been rebranded as Comprehensive Vendor Compliance (CVC). The most significant update with this new model is the shift to a single annual subscription that simplifies the process for both vendors and clients by removing the need for subscriptions tied to individual clients.

Key Changes

1. Single Subscription Model

Previous Model: Vendors enrolled in VendorProof needed separate subscriptions for each client they did business with.

New CVC Model: Vendors now require only one subscription payment, which covers all clients they work with, which is now client-agnostic.

2. Pricing and Payment

Vendor Cost: Vendors now pay a single, flat rate of $55 annually, regardless of how many clients they serve.

Client Cost: Clients do not bear any direct costs for our vendor exclusion monitoring services. However, to ensure compliance and simplify vendor management, we recommend integrating AP compliance features to enforce vendor enrollment through payment holds.

3. Revenue Sharing

Compliance Assistance Fee: As part of our commitment to supporting your compliance efforts, ProviderTrust will share a portion of the subscription revenue as a Compliance Assistance Fee. This compensates for the internal resources needed to maintain compliance and supports stronger vendor enrollment enforcement.

4. Vendor Eligibility:

 During implementation, we assess and categorize your vendors based on their eligibility for the enrollment process. This process includes:

Vendors Required to Enroll and Pay: These vendors must complete the enrollment process and pay the annual subscription fee.

Vendors Required to Enroll but Not Pay: These vendors are required to complete the enrollment process, but they do not have to pay the annual fee.

Vendors Not Required to Enroll: These vendors are not required to complete the enrollment process, but they will still be monitored to ensure compliance.

5. Client Exceptions

Simplified Process: We recognize that certain vendors may need exceptions from the standard subscription requirements. Previously, this waiver process was managed by clients, which could be time-consuming. To reduce this burden, ProviderTrust will now manage these exceptions on your behalf. However, please note that granting too many exceptions may impact your Compliance Assistance Fee.

6. Termination Requests

Immediate Processing: Under the previous model, vendor terminations were delayed until the end of their subscription period. With the new client-agnostic approach, your termination requests will be processed immediately, ensuring that your vendor population remains current and compliant.

Benefits

1. Simplified Compliance

• Vendors no longer need to maintain multiple subscriptions, which streamlines the compliance process for both you and your vendors.

2. Cost-Effective

• Clients benefit from our comprehensive monitoring services without any direct costs, while vendors only pay one affordable annual fee, reducing overall expenses.

3. Customized Compliance Questionnaires

• Enhance your compliance efforts by integrating customized questionnaires during vendor enrollment. This allows you to identify First Tier, Downstream, and Related Entities (FDRs), ensuring thorough compliance oversight.

4. New Vendor Onboarding (NVO)

• CVC clients can seamlessly integrate our NVO feature into their internal processes, allowing for efficient vendor onboarding. This feature enables you to gather, review, and approve vendor information before adding them to your AP system, reducing onboarding time and improving data accuracy.

5. Accounts Payable System Integration

• Integrating VendorProof with your AP system ensures that payment holds are automatically enforced on non-compliant vendors, promoting adherence to compliance standards.

Client Impact

With the transition to the single subscription model, vendors no longer need to manage or pay for multiple subscriptions for each client they work with. This change reduces the administrative burden and costs on your vendors, making it easier for them to comply with your requirements. 

Support and Resources

Our team is here to support you during this transition. If you have any questions or need assistance, please don’t hesitate to reach out to your Account Manager.

What’s Next

No action is required on your part to benefit from these changes. We’ll handle the transition behind the scenes. Just continue to monitor your vendors as usual.

FAQ

Will this change impact the vendors we currently monitor?
No, all your vendors will continue to be monitored under the new CVC model without any interruption in service.

Conclusion

We understand that the previous subscription model often led to frustration among vendors, who had to fill out and pay for multiple annual subscriptions for each client they worked with. With this new client-agnostic model, we’ve removed that hassle, making it easier for vendors to maintain compliance and for you to manage your vendor relationships. By adopting this more efficient approach, you’ll enjoy simpler processes, reduced costs, and enhanced compliance support, all while continuing to meet your organization’s compliance goals effectively.