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October 18, 2020

Tips for Collecting Vendor Statements-TAG Inc - The Audit Group

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 […]

July 1, 2020

Press Release from TAG Inc - The Audit Group

TAG, Inc. Saved Healthcare Systems $6M+ in Two Month Pay-It-Forward Recovery Program

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 […]

June 4, 2020

Press Release: TAG, Inc. Saved Healthcare Systems $4M first month of Pay-It-Forward Recovery Program

TAG, Inc., formerly The Audit Group, helped healthcare systems recoup over $4,000,000 during the first month of the COVID-19 Pay-it-Forward Recovery Program. The program runs through the end of June 2020 providing Accounts Payable (AP) and contract recovery audits at no cost or obligation to healthcare systems and hospitals. What is the Pay-it-forward program? Due to the hardships COVID-19 places on healthcare providers, TAG is dedicating all of its resources to providing free recoveries, foregoing revenue from May 1, 2020, through June 30, 2020. \”We are in a fortunate position during these trying times, so I could not think of […]

May 27, 2020

Sourcing as a Strategic Means for Monitoring Rebates

Can a missed rebate really affect your hospital? The answer is yes! One of our clients in the northeast nearly missed out on a rebate of $250,000, the equivalent of purchasing a new ultrasound machine, covering the salaries of 3 – 4 RNs, or buying a new mammography system. This client did not have an effective tracking program costing them millions in missed rebates each year. Fortunately, the rebate was discovered and resolved during an audit of their procure-to-pay data. Ensuring all rebates are actually realized is pivotal in ensuring a healthcare system’s saving targets are met. no-repeat;left top;; auto […]

May 22, 2020

Why Internal Auditing Should Utilize Recovery Audits - TAG Inc - The Audit Group

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 […]

May 1, 2020

Press Release: TAG, Inc. Announces New Program with Free 60-Day Recovery Audits May 1 – June 30

SAINT LOUIS, MO / ACCESSWIRE / April 30, 2020 / TAG, Inc., a leader in Procure-to-Pay optimization announces a free program to ease the financial burden health systems are undergoing during the current COVID-19 pandemic. The Pay-It-Forward program will be offered for a period of 60-days to provide recovery audit services at no cost. \”This is our way of giving back. We are fortunate during these times to have job-security and I want to forward that on to our clients and any other health system in need,\” says CEO, John Weiss, Jr. \”While hospitals are bleeding for revenue, we want […]

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 […]