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February 27, 2023

Top 5 Benefits of a Recovery Audit for Accounts Payable at Health Systems

5 Accounts Payable (AP) Benefits of a Recovery Audit

Account Payable (AP) gets the “short end of the stick” in health systems’ procure to pay (P2P) process. AP is often left resolving exceptions, rushing last-minute payment requests, and struggling to keep the hospital off vendor credit hold. AP corrects upstream P2P mistakes, resulting in more work and backlogs and reducing efficiency. However, many AP departments fail to use one of the most powerful tools available – today we will discuss the benefits of a recovery audit. Despite recovery audits often having a bad reputation, TAG’s Discovery Review complements AP and Supply Chain departments. We work as an extension of […]

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 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 […]

February 12, 2020

A Recovery Firm is NO LONGER ENOUGH | TAG Inc - The Audit Group

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 […]