MANAGEMENT

Detailed explanation-1: -A ‘third party’, as defined in OCC 2013–29, is any entity that a company does business with. This may include suppliers, vendors, contract manufacturers, business partners and affiliates, brokers, distributors, resellers, and agents.

Detailed explanation-2: -A third-party relationship is any business arrangement between an organization and another entity, by contract or otherwise. You already recognize that companies with which you have contracts and business transactions such as vendors, suppliers, distributors and contractors are third parties.

Detailed explanation-3: -A third party vendor is a person or company that provides services for another company (or that company’s customers). While vendors are considered “third parties, ” some industries differentiate a “third-party vendor” specifically as a vendor under written contract, but not all vendors work under a contract.

Detailed explanation-4: -Third Party Management System (TPMS) is a web-based vendor hosted solution that provides business management tools for all aspects of contracts, third party billing, and collection of third party prescription reimbursements.