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April 6, 2021

Press Release from TAG Inc - The Audit Group

TAG Inc. Announces Record Growth in Q1 2021

ST. LOUIS, April 6, 2021 (Newswire.com) – TAG Inc., the leader in healthcare procure to pay (P2P) optimization, cost savings, and consulting, announced record performance and growth in its 30-year history in Q1 2021. TAG delivered 71% more savings to its health system clients in Q1 2021 than Q1 2020 growing the company’s revenue by 65% during the same periods. “I can’t thank our team enough. Q1’s results were a testament to their hard work and dedication. The best part is that we get to reward them with a company-wide bonus,” states CEO, John Weiss. “This is shaping up to be […]

March 25, 2021

TAG Inc. Announces Strategic Partnership With LAVA Technology Services

ST. LOUIS, March 25, 2021 (Newswire) – TAG Inc., the leader in healthcare procure to pay (P2P) optimization, cost savings, and consulting, announces its strategic partnership with LAVA Technology Services to expand its cost-saving services to health systems across the U.S. This partnership expands the savings potential for new and existing TAG clients by using the buying power and expertise of LAVA experts and engineers to get the lowest available pricing for their telecom, mobile, colocation, cloud, and security services. “We’re excited for the additional savings we can offer our clients – not to mention the increased efficiencies from […]

December 21, 2020

Cybersecutity tips for Healthcare- TAG, Inc

Tips for all Healthcare Workers to Protect against Cyberattacks

Cyberattacks have been a growing threat in healthcare over the past year and there is no end in sight. In fact, one Georgia University Hospital reported defending against 550 cyberattacks on their Epic MyChart system each day – 20% of them coming from emails to staff. However, not all attacks are defended. In 2019, 41.4 million patient records were compromised – almost three times more than in 2018, and the COVID-19 pandemic heightened this in 2020 as many healthcare workers moved to virtual workspaces. Recent survey results suggest that 1,500 healthcare providers are vulnerable to data breaches of 500 or […]

October 18, 2020

Tips for Collecting Vendor Statements-TAG Inc - The Audit Group

5 Tips for Collecting Vendor Statements

Collecting your vendor statements is essential to holding healthcare vendors accountable and ensuring the accuracy of pricing, inventory, supplies, and services received. Reconciling vendor statements allows your Accounts Payable (AP) department to monitor accounts and prevent potential credit holds. Statement collection may be the only way to capture missed credits that were not correctly sent to your organization. Periodic statement collection ensures you capture all available credits, preventing vendors from unauthorized use or escheatment to the state, and saving your AP team from time spent chasing unclaimed property. While the benefits of vendor statement collection are vast, health systems do […]

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 […]

August 17, 2020

Purchased Services Blog - TAG Inc - The Audit Group

5 Tips for Managing Your Purchased Services

With over 30%* of all operational expenses, purchased services can be a revealing spend category for healthcare systems. Why? Purchased services often act as a litmus test for how well an organization systematizes its operations, communicates across departments, and optimizes their resources. Ultimately over the next decade, the health systems that fine-tune their purchased services management process will thrive, while everyone else falls behind.Purchased Services Quick Facts: Purchased services include any and all services that are performed by a third-party vendor rather than done by the health system itself. Examples include landscaping services, credit card processing, and transcription. Health systems […]