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December 27, 2022

Six Reasons 3-Way Matching is a Must at Your Health System

Veering from the 3-way matching process by not using a purchase order (PO) puts health systems at risk of erroneous transactions and a simple way of detecting potential fraud. According to our data, health systems do NOT use a PO on an average of 69% of transactions.* What is 3-way Matching? The three-way matching process is part of the procure to pay process (P2P) performed by the Accounts Payable (AP) department before paying invoices. AP cross-references the data in a PO, receipt records/logs, and invoice. Then, if all data on all three documents match up, the invoice is paid. If […]

November 30, 2022

Health System Procure to Pay -P2P- Process from TAG Inc

Understanding Healthcare’s Procure to Pay Process

Procure-to-pay (P2P) processes comprise various smaller processes that all lead to acquiring and purchasing goods for a health system at the most advantageous price. Purchasing and paying for items seems simple, but in large health systems and hospitals spanning various departments and locations, the process easily breaks down. It only takes one error or process gap in any part of the P2P process to have upstream and downstream consequences for all parties involved in the P2P ecosystem: Finance/Accounts Payable (AP), Supply Chain, Vendors, and the End-User. What is the Procure to Pay Process? The procure to pay process typically begins […]

June 28, 2022

How to Map your Health System's Procure to Pay Process - TAG Inc.

How to Map your Health System’s Procure to Pay Processes

Health systems lose millions each year due to process inefficiencies and errors throughout the procure to pay (P2P) process. Most of these lost funds are preventable, but teams are content, in a state of denial, or misunderstand the process. To bring awareness and begin to prevent leaking dollars, begin by creating a procure to pay process map. What is Process Mapping? Process mapping, or process flow mapping, is the visual representation of how tasks are actually completed in a workflow. A process map brings visibility to who is involved in a process and sheds light on areas that need improvement. […]

April 27, 2022

supply chain automation solutions at your health system - TAG inc

5 Areas for Health Systems to Implement Supply Chain Automation

To keep up with the changing world and future world events such as the COVID-19 pandemic, health systems must adopt leading supply chain automation. Automation can ease workflows, bring insight into current operations, create resiliency, and future-proof healthcare’s supply chain. Automate Supply Chain Data Infrastructure Data is dispersed between several different supply chain systems including the EHR, ERP, inventory management, etc. To begin to gain insight into data from all of these systems, it must first be consolidated in one place, thus providing a single source of truth (SSOT) by use of automation. Creating the proper infrastructure with an SSOT […]

November 18, 2021

What to document when making a return - TAG Inc

Returned Goods Process: What to Track and Document

Returning unused or unwanted products at your health system is unavoidable making a well-defined returned goods process an essential asset. Industry-leading returns processes directly reduce millions of dollars in exposure to risk– $7M annually at health systems in the USA*. No health systems are alike making it difficult to design a one process fits all approach to the industry’s returned goods issue. However, there are several elements that are critical in a successful returns process including: Interdepartmental communication and accountability Clearly defined responsibilities and policies Ownership, accountability, and oversight Leveraged Technology such as a returned goods log Reconciliation Tracking of […]

June 24, 2021

Tips for Influencing without Authority to Optimize Healthcare Business Processes

At TAG, we urge that optimized processes are the key to increased efficiency and productivity while decreasing leaked funds – especially in your health system’s procure to pay (P2P) processes. But how do you make a returned goods or exceptions handling process-improvement project a priority for your leaders? Priorities vary depending on the level of decision-making you have in your organization. You do not always need to hold the “power” to make a difference or kick start a project. With a bit of drive, persistence, and influence you can begin making an impact at any level – as a supply […]

May 11, 2021

Types of Leaked Funds at Health Systems and their Root Causes - TAG Inc

How does your Health System Leak Funds?

You hear time and time again that your health system continues to leak funds, especially within the procure to pay (P2P) process. But, what does it really mean to “leak funds,” and what causes these leaks? Keep reading to find out. “Leaking funds” is the loss of funds within your health system that are caused by errors and/or inefficiencies within your department/health system. Common Types of Leaked Funds Overpayments Overpayments occur when your health system pays more than the agreed-upon contract price for services. It is important to verify the invoiced total with the contracted agreement before processing payment. The […]