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Request for Quotation (RFQ)

What is a Request for Quotation (RFQ)?

A request for quotation (RFQ) is a process healthcare organizations use to obtain an itemized list of all supplies and service prices from a vendor.

An RFQ may be used when:

The process typically involves the organization creating a table or list of each feature or functionality the practice needs. The list is then sent to the vendor to determine if the requirements can be met and the cost to do so.

The RFQ is generated after receiving responses to the Request for Information (RFI) and Request for Proposal (RFP).

Why is the RFQ important for healthcare?

RFQs are important for healthcare because they list all products and services required by a vendor and ensure that the vendor can complete all the designated tasks. This promotes clear communication between both parties regarding what is expected from their transaction.

Additionally, the vendor must supply the cost for providing these products or administering these services, which gives the facility clear monetary expectations for their requested products and services.