July 17, 2018

Effective Vendor Tracking Program Best Practices

Duplicate Payments, Overcharges and Returned Goods constitute more than two-thirds of all TAG recovery claims. The lack of a proper vendor tracking program can result in hidden financial waste in a hospital’s procure-to-pay process. What This Means to Hospitals and Healthcare Systems If the Vendor Master File is not updated regularly, discrepancies in invoices and Purchase Orders may go approved without researching root causes, leading to overcharges. When vendor mergers or acquisitions occur, duplicate payments are more likely to occur due to duplicate vendor numbers that appear to be separate entities. ERP systems often cannot catch these duplicate payments across […]
Effective Vendor Tracking Program Best Practices
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