Procure-to-Pay Outlook for Health Systems for 2024
Health systems face a constant challenge: ensuring efficient and cost-effective operations while maintaining the highest quality of care for patients. At the heart of this challenge lies the procure-to-pay (P2P) process, a critical component of supply chain management and cash flow. Procure-to-pay transformed to adapt post-pandemic, driven by technology and the healthcare supply chain’s growing […]
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 […]
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 […]
Why your Health System Needs a Contract Repository
Thousands of suppliers are actively utilized in every health system often managed by a limited amount of staff. That’s why organizations must create a centralized contract repository in order to properly manage their contracts and set their Supply Chain up for automation and success. What is a contract repository? A contract repository is simply a […]
5 Areas for Health Systems to Implement Supply Chain Automation
To keep up with the changing world and future world events such as the COVID-19 pandemic, health systems must adopt leading supply chain automation. Automation can ease workflows, bring insight into current operations, create resiliency, and future-proof healthcare’s supply chain. Automate Supply Chain Data Infrastructure Data is dispersed between several different supply chain systems including […]
A Letter from TAG CEO, John Weiss
The past two years in healthcare is something for the history books, and the year to come will be no less of a challenge. Supply Chain and Accounts Payable have been – and will continue to be – pressured to deliver fiscally responsible creative sourcing strategies to efficiently [and correctly] pay the bills. All this […]
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 […]