How to Perform a Vendor Master Cleanse in Your Health System
We recently published a blog discussing the impact of outdated and incomplete vendor master files. Your vendor master reduces the risk of fraud and payment errors for health systems. Now we walk you through the laborious steps involved in cleaning up, validating, and maintaining your vendor master. STEP 1: Inspect the Current Vendor Master File […]
Five Reasons to Perform a Vendor Master Cleanse
On average, health systems work with over 27,500 vendors at a given time with seven percent of those vendors changing their name, affiliation, or standing on an annual basis. With such a large number and variability of vendors, managing vendor data can quickly become cumbersome for an organization’s Accounts Payable (AP) department creating exposure to […]
Six Tips for Hospitals to Reduce Duplicate Payments
Duplicate payments are a large issue in most hospital and healthcare systems. As a category duplicate payments make up the third-largest area in TAG’s hospital AP recovery audits. Often “dupe” payments occur through data entry mistakes, or human error. In one example, an invoice number was entered incorrectly, causing a $187,607 duplicate payment when […]