December 20, 2018

Five Tips for Better Managing Office Supply Contracts

The best way to manage office supply contracts is before they’re signed. Once a contract is approved and signed, trying to protect against fund loss through overcharges and unnecessary price increases is complicated. Recovering losses—which can be hundreds of thousands of dollars in larger hospitals—is a laborious, yet necessary process. A Process for Managing Office Supply Contracts Defending against fund loss should start before the contract is approved. The following process can help ensure your organization does not lose funds on routine contracts, like those for office supplies. Survey the Purchasing department to identify what items departments are buying before […]
January 15, 2018

Tips for a Hospital Contracts Manager

At major health systems and hospitals, there are hundreds of individual contracts and pricing agreements among numerous departments and teams. These contracts can be with vendors or even through a GPO. However, to stay organized and ensure an accurate Procure to Pay (P2P) process, a Hospital Contacts Manager should monitor all of these vendor agreements. Why Hospital Contracts Managers Should Maintain Record of Pricing Agreements We recently worked with a large health system to uncover overpayments and recover funds. This organization had been paying a vendor, Stryker Orthopedics, a total of $930 for each specific item. However, during our audit […]
August 16, 2017

Monitor the Expiration of Contracts and Service Agreements

At any major health care system, it is important that the Accounts Payable department monitor the expiration of contracts and service agreements. This is a crucial task as many contracts can be modified or canceled before the expiration date. These service agreements and maintenance contracts may be paid in advance as well. If the Accounts Payable department is not informed when a contract is modified or canceled before its expiration, any credits may be overlooked. If the Accounts Payable department does not monitor the expiration of contracts and service agreements, they may not know to follow up with a vendor. […]
Monitor the Expiration of Contracts and Service Agreements
This website uses cookies to improve your experience. By using this website you agree to our Data Protection Policy.
Read more