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December 14, 2023

Procure-to-Pay 2024 Outlook for Health Systems - TAG Inc

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 complexity in recent years. As we move into 2024, several key trends shape the P2P landscape for hospitals and health systems. Read on to learn more. Impacts on Procure-to-Pay in 2024 Despite a promising outlook for P2P in healthcare, acknowledging ongoing challenges empowers leaders to […]

July 17, 2023

Use caution when using OCR tool in your procure to pay process

The Power and Pitfalls of OCR Tools in Healthcare Procure to Pay

In the fast-paced world of healthcare auditing, automation has emerged as an invaluable asset. Keeping up with the advancements in AI technology is crucial, along with understanding its limitations. Optical Character Recognition (OCR) is a key success factor in procure to pay (P2P) automation. OCR tools have revolutionized how documents are processed, enabling greater efficiency and accuracy. However, it’s important to exercise caution when relying solely on OCR tools for automation. OCR converts scanned or photographed documents into editable text. As an indispensable tool for healthcare Accounts Payable (AP) and Supply Chain departments, OCR expedites the otherwise time-consuming process of […]

November 30, 2022

Health System Procure to Pay -P2P- Process from TAG Inc

Understanding Healthcare’s Procure to Pay Process

Procure-to-pay (P2P) processes comprise various smaller processes that all lead to acquiring and purchasing goods for a health system at the most advantageous price. Purchasing and paying for items seems simple, but in large health systems and hospitals spanning various departments and locations, the process easily breaks down. It only takes one error or process gap in any part of the P2P process to have upstream and downstream consequences for all parties involved in the P2P ecosystem: Finance/Accounts Payable (AP), Supply Chain, Vendors, and the End-User. What is the Procure to Pay Process? The procure to pay process typically begins […]

September 16, 2022

How to achieve spend visibility in health system - TAG Inc

How to Increase your Health System’s Spend Visibility (Spend Visibility Part 3)

To truly reap the benefits of spend data, health systems must take action to clean and structure all procure to pay (P2P) data. Follow the steps outlined below to gain true visibility at your hospital. How to Increase Spend Visibility Step 1: Identify All Sources of Data One of the largest challenges hindering health systems from reaching clear spend visibility is the multiple data sources. Identifying all data sources necessary to gain true insight into spend fuels the analysis and decision-making process throughout procure to pay (P2P) processes. Data Sources for Spend Visibility ERP System Contracts Dark data sources […]

August 29, 2022

Health System Spend Visibility Obstacles - TAG Inc

Is your Health System Achieving Clear Spend Visibility? (Spend Visibility Part 2)

Insight into spend visibility is essential for decision-making within finance and supply chain in health systems. Clear spend visibility provides information for leaders to make supply decisions, evaluate their procure to pay processes and gain insight into usage and product waste. The benefits of spend visibility are endless, but health systems and hospitals struggling to gain true visibility. Learn why your health system leaders need spend visibility now with part one of this series. Read now. Why Health Systems Struggle to Gain True Spend Visibility Disparate Data. Health systems create and hold a large volume of data from various sources […]

July 26, 2022

Why Health System P2P Leaders Need Spend Visibility (Spend Visibility Part 1)

How much can finance and supply chain leaders gain from spend visibility benefits? The answer is almost endless, but it comes down to better decision-making. When data, especially dark data, takes on the form of graphs and diagrams, leaders obtain insights rather than simply numbers filled in columns and rows. Suddenly it turns into potential fraudulent vendors, quality-controlled vendors, and an equitable, diverse vendor mix. With this information, leaders can make decisions to increase buying power, reduce reliance on any single supplier, and improve the organization’s patient outcomes. What is Spend Visibility? Comprehensive data analysis of spend data tells the […]

March 17, 2022

pharmacy procurement complexities - TAG Inc

Navigating the Complexities of Your Health System’s Pharmaceutical Procurement

The Challenges of Pharmaceutical Procurement Managing the pharmaceutical procurement process for a large health system is a complex and grueling process. Why? Because it is commonplace for these organizations to purchase from multiple manufacturers and distributors – resulting in excess of 100 accounts. With so many pharmaceutical accounts to manage, it becomes difficult to know whether health systems continue to get the correct or best price. For example, during the course of a year, a health system paid nine different prices for Astra Zeneca’s drug Symbicort ranging anywhere from $0.05 to $232. Most health systems are not equipped with the […]