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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 […]

January 11, 2022

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 can be catastrophic to your health system’s bottom line, costing the healthcare industry $1.7B* annually. To battle this, your health system must create a comprehensive vendor compliance management policy and process. What to Consider in your Vendor Compliance Process Bring AP and Supply Chain Departments […]

November 18, 2021

What to document when making a return - TAG Inc

Returned Goods Process: What to Track and Document

Returning unused or unwanted products at your health system is unavoidable making a well-defined returned goods process an essential asset. Industry-leading returns processes directly reduce millions of dollars in exposure to risk– $7M annually at health systems in the USA*. No health systems are alike making it difficult to design a one process fits all approach to the industry’s returned goods issue. However, there are several elements that are critical in a successful returns process including: Interdepartmental communication and accountability Clearly defined responsibilities and policies Ownership, accountability, and oversight Leveraged Technology such as a returned goods log Reconciliation Tracking of […]

August 27, 2021

Takeaways from the AHRMM 2021 Conference

AHRMM’s annual conference did not disappoint in delivering educational information to spark innovation, collaboration, and new relationships to tackle the ongoing pandemic. The conference focused on recovery as all attendees and speakers spoke about preparing for the post-pandemic world. Healthcare’s supply chain will return to a transformed normal where new pressures arise mixed with pre-pandemic challenges. TAG Inc team members, Brandie Wilkes and Andrew Brandenburg shared their experiences with the rest of the team TAG and brought back news of excitement and opportunity for our clients in healthcare’s supply chain. “It was great to hear about the innovation that […]

June 24, 2021

Tips for Influencing without Authority to Optimize Healthcare Business Processes

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 […]

May 11, 2021

Types of Leaked Funds at Health Systems and their Root Causes - TAG Inc

How does your Health System Leak Funds?

You hear time and time again that your health system continues to leak funds, especially within the procure to pay (P2P) process. But, what does it really mean to “leak funds,” and what causes these leaks? Keep reading to find out. “Leaking funds” is the loss of funds within your health system that are caused by errors and/or inefficiencies within your department/health system. Common Types of Leaked Funds Overpayments Overpayments occur when your health system pays more than the agreed-upon contract price for services. It is important to verify the invoiced total with the contracted agreement before processing payment. The […]

April 8, 2021

Supply Chain Interview with Sean Poellnitz - TAG Inc

A Resilient and Agile Supply Chain Led by Sean Poellnitz at Mosaic Life Care

Earlier this year, TAG held a P2P Virtual Healthcare Symposium featuring key healthcare systems leaders in the procure to pay (P2P) process. While this event covered many topics, the industry faced dealing with the COVID-19 pandemic, it only touched the surface of topics regarding crisis management, procurement struggles, and leadership. We recently met up with one of our panelists, Sean Poellnitz, VP of Supply Chain at Mosaic Life Care, to take a deeper dive into some of the ideas and tactics he mentioned during the Symposium. Interview with Sean Poellnitz TAG: Throughout the symposium, you mentioned that your strategy […]

September 28, 2020

Essential Healthcare Supplier Contract Clauses - TAG Inc - The Audit Group

6 Essential Clauses to Include in Healthcare Supplier Contracts

US Healthcare supply chain overspends by $25.4B each year, equating to 30 percent of total spend in the industry. Healthcare supply chain leaders must be proactive to eliminate the causes that contribute to this overspend, starting with the first line of defense – supplier contracting. Healthcare systems must review their general agreements and additional clauses to ensure they include the information below to protect against overcharges and other causes of leaked funds. Freight Charges Freight charges must be addressed in each supplier contract to include the party responsible for paying the freight. Organizations are encouraged to negotiate freight charges to […]

September 13, 2020

Medical Device Warranty - TAG Inc - The Audit Group

Managing Medical Device Warranties

Manufacturing medical devices in the US is $47B a year industry with implantable devices accounting for $26.75B. With revenue values this high accounting for essential life-saving equipment, it is important for healthcare system leaders to understand the true or total cost of ownership. This not only means the original purchase of the devices but also takes into account equipment warranties. Afterall, warranties exist to mitigate the risks related to ownership and help create vendor reliability. However, the healthcare industry as a whole continues to struggle to manage their warranties, especially when it comes to implantable devices. Getting greater insight into […]