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March 19, 2020

Dark Data in the Procure-to-Pay process | TAG Inc | The Audit Group

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 is information your company already has but lacks the resources to obtain. What is dark data? According to Gartner, dark data is the information assets organizations collect, process, and store during regular business activities, but generally fail to use for other purposes. Put simply, dark […]

February 27, 2020

Procure-to-Pay End User Role - TAG Inc | The Audit Group

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 the end user’s first acts. Traditionally, the end-users’ role is relegated to requesting products and, perhaps, some aspects of receiving. The end user’s requests are focused on their needs – either individually or as a department. Because they are provided with limited information about the […]

January 29, 2020

Healthcare Procure to Pay Process Mapping - TAG Inc - The Audit Group

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 processing time for an invoice with incorrect POs Delayed vendor payments Contract price implementation Returning products to suppliers Types of Process Maps By identifying the current and ideal states of processes, organizations can more clearly determine where to deploy resources to drive efficiencies and cut […]

January 10, 2020

Top 5 Healthcare Procure-to-Pay Trends to Look for in 2020

2020 is expected to be another year of transition for healthcare providers as systems continue to evolve through mergers and acquisitions (M&A), restructures, and strategic shifting of resources. These types of transitions affect every aspect of a health system’s business operations, including the entire Procure-to-Pay (P2P) landscape. As hospitals continually attempt to do more with less, increasing efficiencies within the financial segments of the organization is becoming more crucial than ever. Moody’s Investor Relations reports a stable outlook for the not-for-profit and public healthcare sector, indicating further expansions through M&A’s. Coupling the M&A generated gain in negotiating power over insurers […]

October 25, 2019

Vendor Master Cleanse - TAG Inc - The Audit Group

How to Perform a Vendor Master Cleanse in Your Health System

We recently published a blog discussing the impact of outdated and incomplete vendor master files. Your vendor master reduces the risk of fraud and payment errors for health systems. Now we walk you through the laborious steps involved in cleaning up, validating, and maintaining your vendor master. STEP 1: Inspect the Current Vendor Master File Inspecting and assessing your current data is the most time-consuming part of a vendor data cleanse. Begin by identifying and collecting all of your relevant documentation, vendor files, and data sources. Once all the necessary information is collected, import to your preferred data management platform […]

June 4, 2019

Duplicate Payment Prevention - TAG Inc - The Audit Group

Top 5 Ways to Protect Against Duplicate Payments

Duplicate payments have been among one of the leading sources of leaking resources in healthcare systems for decades. Health systems in the United States lose over $500 million to duplicate payments annually. That’s right, duplicate payments are a half-billion-dollar per year mistake. Imagine what your healthcare organization could do if they saved those funds each year – update facilities, offer new services, treat more patients, upgrade to the latest technologies, or hire more resources. It’s time for your organization to take a more proactive approach to mitigate the risks associated with “dupes” and save resources that directly affect your patient’s […]