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TAG Inc., The Audit Group, remains dedicated to helping health systems achieve efficiency and savings by specializing in cost control, risk mitigation, and process improvement in the Procure-to-Pay (P2P) space. To do this we partner with organizations to share our 30+ years of healthcare knowledge in the Supply Chain and AP ecosystem.
During this year’s NEHIA (New England Healthcare Internal Auditors) annual conference, Mike Nisivoccia, Director, Business Development at TAG, will speak about decreasing financial risk in the P2P process. The presentation will also address the areas where IDNs face the largest risks, how to identify and quantify them, and the strategies for communicating the need for change across the organization.
Nisivoccia is scheduled to present on Thursday, December 5, 2019 at 11:15 am.
How to Decrease Procure-to-Pay Financial Risk in Siloed Organizations
Over the course of a year, a typical multi-hospital IDN stands to lose an average of 1% of its annual total operating expense through lapses in process controls, lack of clear accountability across departments, and an inability to properly analyze data from various sources. To compound this problem, these losses are difficult to identify and typically occur in blind spots or the grey areas within the P2P process where one department’s responsibilities end and another department’s begin causing internal teams to work in siloes.
“If health systems are unable to identify the sources of their financial risk, lost funds are often never recouped and the problem persists.”
Mike Nisivoccia, Director, Business Development
If you’re headed to Mystic, Connecticut next week, join Mike Nisivoccia and discover how essential internal auditing is to reduce financial risk for your organization.
While auditing your health system have you found that any errors or issues stem from the lack of interdepartmental communication? Contact us today to discover how TAG’s Sarah McLaughlin, CHRO, can provide Silo Busting and other developmental services to your leadership team.