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TAG, Inc., formerly The Audit Group, helped healthcare systems recoup over $6,000,000 during its two-month COVID-19 Pay-it-Forward Recovery Program. The program took place in May and June of 2020, providing Accounts Payable (AP) and contract recovery audits at no cost or obligation to healthcare systems and hospitals.
What was the Pay-it-forward program?
Due to the hardships COVID-19 has placed on healthcare providers, TAG dedicated all of its resources to providing free recovery audits – foregoing revenue from May 1, 2020, through June 30, 2020, for all participating health systems.
“This has been the most rewarding venture we’ve done in our company’s history. I am happy that our team came together and put in the work to help our clients the best way we know-how. I’m proud of everyone and grateful we have been able to give back during these times,” says John Weiss, CEO of TAG, Inc.
Along with TAG’s existing client base, TAG expanded scopes and review areas at health systems with all existing clients maximizing recoveries straight to their bottom-lines. Additional health systems chose to partner with TAG solely to participate in the program with no requirement of a long-term agreement.
How does TAG provide savings?
TAG works with healthcare system’s Supply Chain and AP departments analyzing their procure-to-pay data to uncover leaked funds and fix errors stemming from process gaps, human errors, and lack of system controls. Common errors resulting in leaked funds are duplicate payments, overpayments, and missed rebates.
Once identified, TAG works directly with the hospitals’ vendors to recoup the lost funds.
TAG offers services to recover these leaked funds as well as additional consulting to permanently decrease the funds leaked year-over-year.