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June 28, 2022
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 process flow 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. Thus, it […]
June 24, 2021
At TAG, we urge that optimized processes are the key to increased efficiency and productivity while decreasing leaked funds – especially in your health system’s procure to pay (P2P) processes. But how do you make a returned goods or exceptions handling process-improvement project a priority for your leaders? Priorities vary depending on the level of decision-making you have in your organization. You do not always need to hold the “power” to make a difference or kick start a project. With a bit of drive, persistence, and influence you can begin making an impact at any level – as a supply […]
July 16, 2020
Blanket purchase orders (POs) are often used to help reduce system costs, operate with only necessary inventory, and increase purchasing power. Nonetheless, blanket POs are often a source of lost funds for a healthcare system. Typically, TAG recommends limiting or eliminating the use of blanket POs because of the associated risks. We recognize, however, that some situations necessitate the use of a blanket PO. When those circumstances arise, your system should consider the following risks and implement preventative measures to reduce those risks. 1. Lack of Required Information Blanket POs often lack many of the standard controls found within traditional […]
June 9, 2020
Healthcare systems return an average of 4% of the products they purchase each year. Of that amount, 7% of the amount returned never gets credited back by the vendors totaling a loss of $700,000,000 annually.*no-repeat;left top;;auto in returned goods credits lost each year$700Mvertical Why does the Returned Goods Process Lose Millions? The returned goods process is an incredibly important area, spanning multiple departments of every health system. In theory, it is a relatively simple concept – return unused products and get your money back. However, the repercussions of mismanaging the process are significant. Organizations that mismanage their returned goods processes […]
