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August 29, 2022

Health System Spend Visibility Obstacles - TAG Inc

Is your Health System Achieving Clear Spend Visibility? (Spend Visibility Part 2)

Insight into spend visibility is essential for decision-making within finance and supply chain in health systems. Clear spend visibility provides information for leaders to make supply decisions, evaluate their procure to pay processes and gain insight into usage and product waste. The benefits of spend visibility are endless, but health systems and hospitals struggling to gain true visibility. Learn why your health system leaders need spend visibility now with part one of this series. Read now. Why Health Systems Struggle to Gain True Spend Visibility Disparate Data. Health systems create and hold a large volume of data from various sources […]

July 26, 2022

Why Health System P2P Leaders Need Spend Visibility (Spend Visibility Part 1)

How much can finance and supply chain leaders gain from spend visibility benefits? The answer is almost endless, but it comes down to better decision-making. When data, especially dark data, takes on the form of graphs and diagrams, leaders obtain insights rather than simply numbers filled in columns and rows. Suddenly it turns into potential fraudulent vendors, quality-controlled vendors, and an equitable, diverse vendor mix. With this information, leaders can make decisions to increase buying power, reduce reliance on any single supplier, and improve the organization’s patient outcomes. What is Spend Visibility? Comprehensive data analysis of spend data tells the […]

June 28, 2022

How to Map your Health System's Procure to Pay Process - TAG Inc.

How to Map your Health System’s Procure to Pay Processes

Health systems lose millions each year due to process inefficiencies and errors throughout the procure to pay (P2P) process. Most of these lost funds are preventable, but teams are content, in a state of denial, or misunderstand the process. To bring awareness and begin to prevent leaking dollars, begin by creating a procure to pay process map. What is Process Mapping? Process mapping, or process flow mapping, is the visual representation of how tasks are actually completed in a workflow. A process map brings visibility to who is involved in a process and sheds light on areas that need improvement. […]

January 11, 2022

How to Ensure Vendor Compliance at your Health System

Ensuring vendor compliance at your health system may seem like a daunting, impossible task that never ends. You’re not wrong. Managing thousands of vendors and holding them accountable is complex and requires attention to detail and a timely dedication your Procurement and Accounts Payable (AP) staff may not have. The results of not doing so can be catastrophic to your health system’s bottom line, costing the healthcare industry $1.7B* annually. To battle this, your health system must create a comprehensive vendor compliance management policy and process. What to Consider in your Vendor Compliance Process Bring AP and Supply Chain Departments […]

November 18, 2021

What to document when making a return - TAG Inc

Returned Goods Process: What to Track and Document

Returning unused or unwanted products at your health system is unavoidable making a well-defined returned goods process an essential asset. Industry-leading returns processes directly reduce millions of dollars in exposure to risk– $7M annually at health systems in the USA*. No health systems are alike making it difficult to design a one process fits all approach to the industry’s returned goods issue. However, there are several elements that are critical in a successful returns process including: Interdepartmental communication and accountability Clearly defined responsibilities and policies Ownership, accountability, and oversight Leveraged Technology such as a returned goods log Reconciliation Tracking of […]

September 29, 2021

Top 5 Healthcare AP Trends Going into 2022

The last two years in healthcare have brought on challenges our industry has never experienced with the onset of COVID-19. As 2022 approaches we begin preparing for post-pandemic operations and take a look at trends in healthcare’s Accounts Payable (AP) departments. 5 AP Trends in Healthcare Disbursed Workforce The pandemic has brought on the need for remote workers throughout operations in health systems. Many healthcare organizations plan to keep the remote working structure in place to save on operating and real estate costs. According to Gartner, 82% of company leaders plan to allow employees to work remotely at least part of the time […]

August 17, 2021

Managing your Health System’s 1099 Vendors

2020 not only brought on a seemingly never-ending pandemic, but it also brought back the 1099 form complicating filings for health system’s accounts payable (AP) departments. Health systems commonly have 5,000+ unique 1099 vendors on an annual basis that will be paid multiple times throughout the year. Small oversights in your vendor management process can quickly lead to headaches, extra manual work, and large fines from the IRS. What is a 1099 Vendor? A 1099 vendor is a business or an individual that has done work for your health system, has been paid in excess of $600, and does not […]