October 18, 2020

5 Tips for Collecting Vendor Statements

Collecting your vendor statements is essential to holding healthcare vendors accountable and ensuring the accuracy of pricing, inventory, supplies, and services received. Reconciling vendor statements allows your Accounts Payable (AP) department to monitor accounts and prevent potential credit holds. Statement collection may be the only way to capture missed credits that were not correctly sent to your organization. Periodic statement collection ensures you capture all available credits, preventing vendors from unauthorized use or escheatment to the state, and saving your AP team from time spent chasing unclaimed property. While the benefits of vendor statement collection are vast, health systems do […]
September 13, 2020

Managing Medical Device Warranties

Manufacturing medical devices in the US is $47B a year industry with implantable devices accounting for $26.75B. With revenue values this high accounting for essential life-saving equipment, it is important for healthcare system leaders to understand the true or total cost of ownership. This not only means the original purchase of the devices but also takes into account equipment warranties. Afterall, warranties exist to mitigate the risks related to ownership and help create vendor reliability. However, the healthcare industry as a whole continues to struggle to manage their warranties, especially when it comes to implantable devices. Getting greater insight into […]
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 […]
February 12, 2020

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 the healthcare industry that focus on recouping funds resulting from waste. These firms are known as recovery audit firms. What is a Recovery Audit Firm? The world of recovery auditing is not well known, but these firms have been around for more than 40 years […]
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 […]
October 31, 2018

Discovery is Worth More Than Dollars

We are immensely proud of the work we do at The Audit Group to help healthcare organizations recover funds that were lost due to a faulty process or lack of accountability. However, we know the value of our Discovery Review extends far beyond a dollar amount. CEO John Weiss explains how our reviews empower leadership to understand the “why” behind their organization’s financial challenges. You may think a review is too time-consuming or will cost your team in productivity, but our data shows that is simply not the case. Let our experienced healthcare consultants reveal the breakdowns in your system […]
Discovery is Worth More Than Dollars
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