June 17, 2020

TAG, Inc. Expands Pricing and Contracting Services for US Health Systems

ST. LOUIS, MO / ACCESSWIRE / June 15, 2020 / TAG, Inc., formerly The Audit Group, expands its pricing and contracting review services by hiring key personnel to lead SpendSuite, its latest pricing and contracting tool collection. TAG continues to lead the Procure-to-Pay and Recovery Audit industries in item pricing, contracting, and pharmacy reviews. TAG has over 30+ years of providing the healthcare industry with specialized pricing reviews led by Sunshine Prograis, Director of Operations, who continues to identify areas for enhancement and innovation within this line of business. \”Contract and Pricing review has always been one of our top […]
May 22, 2020

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 routinely lost millions each year from unnecessary and unmitigated financial risks. Hospitals rely largely on Internal Audit to help shore up these risks, but one department alone often cannot handle the overwhelming number of system-wide procedural repairs that need to be made. Generally, gaps that […]
January 24, 2019

Changing POs to Match Invoices Can Lead to Fund Loss

Purchase Orders are widely used by hospitals and health systems. To follow best practices, Accounts Payable departments should always use POs to prevent duplicate payments, ensure correct pricing on invoices, and, in turn, save your organization money. When purchase orders are not used correctly, it can cost you. Purchase Order Malpractice: Changing POs to Match Invoices We recently worked with a health system that was in need of a process improvement when it came to purchase orders. They did not have a system in place for Accounts Payable to consistently use POs. As a result, during our Discovery Review, we […]
June 26, 2018

What Should a Health System Do When Overcharged on a Contract?

We explained contract overcharges and how they could cost your health system several thousand dollars in lost funds. Today, we’re talking about prevention and recovery. In order to prevent contract overcharges, it’s important to understand your system’s relationship with vendors and analyze your purchasing and payment data as often as possible. Let’s take a look. What causes contract overcharges? When a hospital contract is put in place, there should be a match between three areas: the contract, the GPO/Local Pricing platform and the health systems’ purchasing system. That way, items are priced at the guaranteed rate every time they’re ordered […]
November 2, 2017

Avoid Overcharges by Entering Contracts Promptly

At a large health care system, there are many individual contracts and pricing agreements – both directly with vendors and through group purchasing organizations (GPOs). This can be complex, and it takes a team commitment to avoid overcharges by entering contracts quickly and accurately. Three Step Process for Favorable Pricing Making sure that a hospital or health system pays the correct price for every order and contract requires a standard procedure. The Audit Group recommends a three-step process each time a contract is entered: Determine the correct price and most favorable terms before an order is placed Create accurate purchase orders that reflect […]
Avoid Overcharges by Entering Contracts Promptly
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