The Audit Group (TAG), Inc., has been providing Accounts Payable/Purchasing audit services exclusively to the hospital industry nationwide since 1987. We conduct detailed analysis of purchasing and payable transactions using your hospital's data and TAG's proprietary software. Our comprehensive reviews enable us to provide insight to your purchasing and payable transactions, validating processes and procedures, ensuring proper pricing of products, and recommending process improvements to create Future Savings.
Statement of Qualification:
· TAG has conducted more than 855 cost-recovery projects.
· TAG has audited in excess of 10,350 vendors who supplied products/services to our clients.
· TAG has extensive experience working with national, regional, and local Group Purchasing Organizations (GPO) such as Novation, MedAssets, Amerinet, and Premier. We understand the additional complexity these organizations bring to the healthcare supply chain. We understand that there will be products and services being purchased via locally negotiated contracts and/or contracts obtained through your GPO.
· TAG has detailed knowledge of the wide array of products and/or services required by the many hospital departments and functions including, but not limited to, the operating room, orthopedics, pharmacy, cardiology, nursing, capital equipment, and utilities.
· TAG has experience with all the major ERP systems within healthcare such as Meditech, Lawson, PeopleSoft, and SMS. Equipped with this knowledge, we will bring financial recoveries and recommendations for improvements in a quicker, more efficient, and seamless manner. Our internal programmers are able to integrate your ERP’s data into our proprietary analytics.
Features:
- On-site reviews of all vendor invoices, check copies, purchase orders, and receivers
- Expert contract analysts to assist current operations at no additional cost
- SOS analytics to identify anomalies, overpayments, and/or under deductions.
- Custom transaction reports identifying vendors and/or items needing management's attention
- Final Report at the conclusion of the audit
- Expertise in large, multi-facility systems and their unique issues
- Proficiency in more than 18 hospital-specific software programs
- Skilled in GPO pricing and negotiations
- Minimal staff involvement and distraction
Benefits:
- Increased payment efficiencies; reduction of payment errors
- Quantitative information about current policies and procedures
- Properly assigned vendor acounts, reducing possibilities of payment errors
- Improved relations with vendors because payments are not lost/slow due to incorrect information
- Reduced time spent on year end 1099 (w-9) because vendor information is up-to-date
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