How Internal Audit Can Utilize Recovery Audits to Assist with Financial Stability
Bulletproofing Hospital Finances amidst COVID-19 Since the COVID-19 outbreak, hospital revenues have dropped an estimated $1.4 billion per day, causing over 200,000 healthcare employees to be furloughed or laid off. Though revenue stability is reportedly increasing, it is unlikely that hospitals will see normalcy anytime in the near future. Even before the COVID-19 outbreak, hospitals […]
Press Release: TAG, Inc. Announces New Program with Free 60-Day Recovery Audits May 1 – June 30
SAINT LOUIS, MO / ACCESSWIRE / April 30, 2020 / TAG, Inc., a leader in Procure-to-Pay optimization announces a free program to ease the financial burden health systems are undergoing during the current COVID-19 pandemic. The Pay-It-Forward program will be offered for a period of 60-days to provide recovery audit services at no cost. \”This […]
Are You Ignoring the Dark Data in Your Procure-to-Pay Process?
90% of the data that your health system produces is dark data that never gets used. Think of the knowledge and insight that could be realized if your Supply Chain and AP departments utilized more than 10% of their data. You could gain insight into efficiencies, root causes of leaked funds, and process gaps. This […]
Update: TAG, Inc. Announces Industry Event Schedule for Spring 2020
TAG, Inc announces their attendance in key healthcare events for the spring and summer 2020. Read the press release here. UPDATE: Due to risks associated with large gatherings and the spread of COVID-19, adjustments to event dates have been made and more may come. Current Event Lineup: Spring IDN Summit, April 27-29 in Orlando, Florida […]
Missing a Piece of the Puzzle: The End User’s Role in the Procure-to-Pay Process
Typically, the players in the Procure-to-Pay (P2P) process are considered to be Supply Chain and Accounts Payable. Most systems fail to acknowledge an equally crucial player – the end user. Though many recognize that the end-user kicks off the P2P process, they do not see that the success of the P2P process often hinges on […]
A Recovery Audit Firm is No Longer Enough
A Recovery Audit Firm is No Longer Enough One monumental problem facing the healthcare industry: WASTE. How massive is this issue? Let’s put it into perspective: US healthcare providers spend $3,600,000,000,000 each year One-third of that $3.6T spend results in waste That amounts to $1,200,000,000,000 of waste EACH YEAR Fortunately, there are several firms within […]
Process Mapping: An Essential Tool for Your Procure-to-Pay Processes
Looking to increase margins and cut costs in your health system’s Procure-to-Pay (P2P) processes? One often-overlooked tool to accomplish this is process mapping or creating a visual representation of organizational processes. This not only identifies costly process gaps but also identifies areas lacking accountability and communication. In healthcare systems’ P2P, commonly broken processes include: Extended […]