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August 24, 2023

Choosing the Right Recovery-Audit Company for your Health System

How to Choose the Right Company to Perform Your Next Recovery Audit

Health systems and hospitals leak over $2B* annually – above the average annual hospital expenditure. While some leaked funds will be lost forever, healthcare leaders can partner with third-party companies to perform a diagnostic recovery audit and get up to 25 percent of the leaked funds back. Recovery audits are a vital tool for identifying and recovering this lost revenue. By systematically examining financial and operational data, recovery audits can help healthcare organizations identify errors and prevent future financial leakage. However, not all companies that perform recovery audits are created equal. When choosing a partner, consider several factors, including healthcare […]

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 […]

January 10, 2020

Top 5 Healthcare Procure-to-Pay Trends to Look for in 2020

2020 is expected to be another year of transition for healthcare providers as systems continue to evolve through mergers and acquisitions (M&A), restructures, and strategic shifting of resources. These types of transitions affect every aspect of a health system’s business operations, including the entire Procure-to-Pay (P2P) landscape. As hospitals continually attempt to do more with less, increasing efficiencies within the financial segments of the organization is becoming more crucial than ever. Moody’s Investor Relations reports a stable outlook for the not-for-profit and public healthcare sector, indicating further expansions through M&A’s. Coupling the M&A generated gain in negotiating power over insurers […]