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 […]
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 […]
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 […]
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 […]
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We recently published a blog discussing the impact of outdated and incomplete vendor master files.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 […]
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 […]