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December 14, 2023

Procure-to-Pay 2024 Outlook for Health Systems - TAG Inc

Procure-to-Pay Outlook for Health Systems for 2024

Health systems face a constant challenge: ensuring efficient and cost-effective operations while maintaining the highest quality of care for patients. At the heart of this challenge lies the procure-to-pay (P2P) process, a critical component of supply chain management and cash flow. Procure-to-pay transformed to adapt post-pandemic, driven by technology and the healthcare supply chain’s growing complexity in recent years. As we move into 2024, several key trends shape the P2P landscape for hospitals and health systems. Read on to learn more. Impacts on Procure-to-Pay in 2024 Despite a promising outlook for P2P in healthcare, acknowledging ongoing challenges empowers leaders to […]

August 24, 2023

Choosing the Right Recovery-Audit Company for your Health System

How to Choose the Right Company to Perform Your Next Recovery Audit

Health systems and hospitals leak over $2B* annually – above the average annual hospital expenditure. While some leaked funds will be lost forever, healthcare leaders can partner with third-party companies to perform a diagnostic recovery audit and get up to 25 percent of the leaked funds back. Recovery audits are a vital tool for identifying and recovering this lost revenue. By systematically examining financial and operational data, recovery audits can help healthcare organizations identify errors and prevent future financial leakage. However, not all companies that perform recovery audits are created equal. When choosing a partner, consider several factors, including healthcare […]

July 17, 2023

Use caution when using OCR tool in your procure to pay process

The Power and Pitfalls of OCR Tools in Healthcare Procure to Pay

In the fast-paced world of healthcare auditing, automation has emerged as an invaluable asset. Keeping up with the advancements in AI technology is crucial, along with understanding its limitations. Optical Character Recognition (OCR) is a key success factor in procure to pay (P2P) automation. OCR tools have revolutionized how documents are processed, enabling greater efficiency and accuracy. However, it’s important to exercise caution when relying solely on OCR tools for automation. OCR converts scanned or photographed documents into editable text. As an indispensable tool for healthcare Accounts Payable (AP) and Supply Chain departments, OCR expedites the otherwise time-consuming process of […]

February 27, 2023

Top 5 Benefits of a Recovery Audit for Accounts Payable at Health Systems

5 Accounts Payable (AP) Benefits of a Recovery Audit

Account Payable (AP) gets the “short end of the stick” in health systems’ procure to pay (P2P) process. AP is often left resolving exceptions, rushing last-minute payment requests, and struggling to keep the hospital off vendor credit hold. AP corrects upstream P2P mistakes, resulting in more work and backlogs and reducing efficiency. However, many AP departments fail to use one of the most powerful tools available – today we will discuss the benefits of a recovery audit. Despite recovery audits often having a bad reputation, TAG’s Discovery Review complements AP and Supply Chain departments. We work as an extension of […]

January 20, 2023

2023 Challenges of Managing a Health System - TAG, Inc.

Taking on Healthcare’s Greatest Challenges in 2023

Nonprofit health systems and hospitals will take years to recover from the effects the pandemic has on their labor force, cash flow, and supplies. In fact, high labor and supply costs are adding unprecedented debt to hospitals leaving one health system reporting their debt as high as $6.34 billion in December 2022. However, 2023 is projected to relieve some of the strain on health system finances, but may be too little too late for many rural hospitals at risk of immediate closure and leaving other hospitals cutting services and workforce numbers. As healthcare leaders look to rein in spending while […]

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 […]

September 16, 2022

How to achieve spend visibility in health system - TAG Inc

How to Increase your Health System’s Spend Visibility (Spend Visibility Part 3)

To truly reap the benefits of spend data, health systems must take action to clean and structure all procure to pay (P2P) data. Follow the steps outlined below to gain true visibility at your hospital. How to Increase Spend Visibility Step 1: Identify All Sources of Data One of the largest challenges hindering health systems from reaching clear spend visibility is the multiple data sources. Identifying all data sources necessary to gain true insight into spend fuels the analysis and decision-making process throughout procure to pay (P2P) processes. Data Sources for Spend Visibility ERP System Contracts Dark data sources […]