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June 9, 2020

Returned Goods Process Optimization - TAG Inc - The Audit Group

Optimizing the Returned Goods Process for your Healthcare System

Healthcare systems return an average of 4% of the products they purchase each year. Of that amount, 7% of the amount returned never gets credited back by the vendors totaling a loss of $700,000,000 annually.*no-repeat;left top;;auto in returned goods credits lost each year$700Mvertical Why does the Returned Goods Process Lose Millions? The returned goods process is an incredibly important area, spanning multiple departments of every health system. In theory, it is a relatively simple concept – return unused products and get your money back. However, the repercussions of mismanaging the process are significant. Organizations that mismanage their returned goods processes […]

June 4, 2020

Press Release from TAG Inc - The Audit Group

Press Release: TAG, Inc. Saved Healthcare Systems $4M first month of Pay-It-Forward Recovery Program

TAG, Inc., formerly The Audit Group, helped healthcare systems recoup over $4,000,000 during the first month of the COVID-19 Pay-it-Forward Recovery Program. The program runs through the end of June 2020 providing Accounts Payable (AP) and contract recovery audits at no cost or obligation to healthcare systems and hospitals. What is the Pay-it-forward program? Due to the hardships COVID-19 places on healthcare providers, TAG is dedicating all of its resources to providing free recoveries, foregoing revenue from May 1, 2020, through June 30, 2020. \”We are in a fortunate position during these trying times, so I could not think of […]

May 27, 2020

Sourcing as a Strategic Means for Monitoring Rebates

Can a missed rebate really affect your hospital? The answer is yes! One of our clients in the northeast nearly missed out on a rebate of $250,000, the equivalent of purchasing a new ultrasound machine, covering the salaries of 3 – 4 RNs, or buying a new mammography system. This client did not have an effective tracking program costing them millions in missed rebates each year. Fortunately, the rebate was discovered and resolved during an audit of their procure-to-pay data. Ensuring all rebates are actually realized is pivotal in ensuring a healthcare system’s saving targets are met. no-repeat;left top;; auto […]

May 22, 2020

Why Internal Auditing Should Utilize Recovery Audits - TAG Inc - The Audit Group

How Internal Audit Can Utilize Recovery Audits to Assist with Financial Stability

Bulletproofing Hospital Finances amidst COVID-19 Since the COVID-19 outbreak, hospital revenues have dropped an estimated $1.4 billion per day, causing over 200,000 healthcare employees to be furloughed or laid off. Though revenue stability is reportedly increasing, it is unlikely that hospitals will see normalcy anytime in the near future. Even before the COVID-19 outbreak, hospitals routinely lost millions each year from unnecessary and unmitigated financial risks. Hospitals rely largely on Internal Audit to help shore up these risks, but one department alone often cannot handle the overwhelming number of system-wide procedural repairs that need to be made. Generally, gaps that […]

May 1, 2020

Press Release: TAG, Inc. Announces New Program with Free 60-Day Recovery Audits May 1 – June 30

SAINT LOUIS, MO / ACCESSWIRE / April 30, 2020 / TAG, Inc., a leader in Procure-to-Pay optimization announces a free program to ease the financial burden health systems are undergoing during the current COVID-19 pandemic. The Pay-It-Forward program will be offered for a period of 60-days to provide recovery audit services at no cost. \”This is our way of giving back. We are fortunate during these times to have job-security and I want to forward that on to our clients and any other health system in need,\” says CEO, John Weiss, Jr. \”While hospitals are bleeding for revenue, we want […]

March 19, 2020

Dark Data in the Procure-to-Pay process | TAG Inc | The Audit Group

Are You Ignoring the Dark Data in Your Procure-to-Pay Process?

90% of the data that your health system produces is dark data that never gets used. Think of the knowledge and insight that could be realized if your Supply Chain and AP departments utilized more than 10% of their data. You could gain insight into efficiencies, root causes of leaked funds, and process gaps. This is information your company already has but lacks the resources to obtain. What is dark data? According to Gartner, dark data is the information assets organizations collect, process, and store during regular business activities, but generally fail to use for other purposes. Put simply, dark […]

March 13, 2020

News Announcement - TAG Inc | The Audit Group

Update: TAG, Inc. Announces Industry Event Schedule for Spring 2020

TAG, Inc announces their attendance in key healthcare events for the spring and summer 2020. Read the press release here. UPDATE: Due to risks associated with large gatherings and the spread of COVID-19, adjustments to event dates have been made and more may come. Current Event Lineup: Spring IDN Summit, April 27-29 in Orlando, Florida National Healthcare CXO Summit, May 17-19 in Miami, Florida RESCHEDULED: Health Connect Partners (HCP) Spring Expo, May 20 – 22 in New Orleans, Louisiana AHRMM, July 26-29 in San Diego, California – Connect with TAG at booth 324 or contact them today to reserve a […]

February 27, 2020

Procure-to-Pay End User Role - TAG Inc | The Audit Group

Missing a Piece of the Puzzle: The End User’s Role in the Procure-to-Pay Process

Typically, the players in the Procure-to-Pay (P2P) process are considered to be Supply Chain and Accounts Payable. Most systems fail to acknowledge an equally crucial player – the end user. Though many recognize that the end-user kicks off the P2P process, they do not see that the success of the P2P process often hinges on the end user’s first acts. Traditionally, the end-users’ role is relegated to requesting products and, perhaps, some aspects of receiving. The end user’s requests are focused on their needs – either individually or as a department. Because they are provided with limited information about the […]

February 12, 2020

A Recovery Firm is NO LONGER ENOUGH | TAG Inc - The Audit Group

A Recovery Audit Firm is No Longer Enough

A Recovery Audit Firm is No Longer Enough One monumental problem facing the healthcare industry: WASTE. How massive is this issue? Let’s put it into perspective: US healthcare providers spend $3,600,000,000,000 each year One-third of that $3.6T spend results in waste That amounts to $1,200,000,000,000 of waste EACH YEAR Fortunately, there are several firms within the healthcare industry that focus on recouping funds resulting from waste. These firms are known as recovery audit firms. What is a Recovery Audit Firm? The world of recovery auditing is not well known, but these firms have been around for more than 40 years […]