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February 27, 2020

Procure-to-Pay End User Role - TAG Inc | The Audit Group

Missing a Piece of the Puzzle: The End User’s Role in the Procure-to-Pay Process

Typically, the players in the Procure-to-Pay (P2P) process are considered to be Supply Chain and Accounts Payable. Most systems fail to acknowledge an equally crucial player – the end user. Though many recognize that the end-user kicks off the P2P process, they do not see that the success of the P2P process often hinges on the end user’s first acts. Traditionally, the end-users’ role is relegated to requesting products and, perhaps, some aspects of receiving. The end user’s requests are focused on their needs – either individually or as a department. Because they are provided with limited information about the […]

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 […]

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 […]