October 18, 2020

5 Tips for Collecting Vendor Statements

Collecting your vendor statements is essential to holding healthcare vendors accountable and ensuring the accuracy of pricing, inventory, supplies, and services received. Reconciling vendor statements allows your Accounts Payable (AP) department to monitor accounts and prevent potential credit holds. Statement collection may be the only way to capture missed credits that were not correctly sent to your organization. Periodic statement collection ensures you capture all available credits, preventing vendors from unauthorized use or escheatment to the state, and saving your AP team from time spent chasing unclaimed property. While the benefits of vendor statement collection are vast, health systems do […]
October 24, 2018

It Pays to Review Every Invoice

We know monthly statements are a chore to review, but they provide vital updates about your organization’s financial status with a vendor. If you don’t take the time to regularly analyze them, then it could lead to lost or unused credits. The Audit Group’s Krista Brown describes an example in which one of clients missed a credit for $300,000, which we successfully recovered. In the competitive healthcare market, every dollar your organization saves is a dollar toward your bottom line. The Audit Group implements detailed statement collection processes that give you the peace of mind that every vendor statement is […]
June 28, 2018

Regularly Review Vendor Statements

Vendor statements: they’re tedious and time-consuming to review. However, Not regularly receiving and reviewing statements can lead to lost/unused credits for your business. There are many reasons healthcare groups don’t regularly review their vendor statements, whether it be a lack of time and resources, not having a consistent review process, or simply accepting when vendors don’t send monthly statements. But these oversights can prove costly, with many vendors applying credits to unrelated invoices or making unauthorized charges to accounts without notice. Healthcare systems subsequently continue on without the knowledge of available credits or overcharges. When Vendors Make a Mistake Imagine […]
April 12, 2018

Vendor Management Starts with Statement Collection

Over the last few weeks, we’ve shown how poor vendor maintenance can wreak havoc on your accounts payable department. From duplicate payments to unclaimed property penalties, a poorly maintained vendor list can cost your health system thousands of dollars before you realize it. We’ve found that vendor management starts with statement collection. Analyzing your organization’s vendor statements can reveal a number of issues in your process as well as funds you’re leaving on the table. Let’s take a look. What causes breakdowns in accounts payable? We understand the typical accounts payable department is short-staffed and under a lot of pressure […]
August 16, 2017

Monitor the Expiration of Contracts and Service Agreements

At any major health care system, it is important that the Accounts Payable department monitor the expiration of contracts and service agreements. This is a crucial task as many contracts can be modified or canceled before the expiration date. These service agreements and maintenance contracts may be paid in advance as well. If the Accounts Payable department is not informed when a contract is modified or canceled before its expiration, any credits may be overlooked. If the Accounts Payable department does not monitor the expiration of contracts and service agreements, they may not know to follow up with a vendor. […]
Monitor the Expiration of Contracts and Service Agreements
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