BLOG

January 29, 2020

Healthcare Procure to Pay Process Mapping - TAG Inc - The Audit Group

Process Mapping: An Essential Tool for Your Procure-to-Pay Processes

Looking to increase margins and cut costs in your health system’s Procure-to-Pay (P2P) processes? One often-overlooked tool to accomplish this is process mapping or creating a visual representation of organizational processes. This not only identifies costly process gaps but also identifies areas lacking accountability and communication. In healthcare systems’ P2P, commonly broken processes include: Extended processing time for an invoice with incorrect POs Delayed vendor payments Contract price implementation Returning products to suppliers Types of Process Maps By identifying the current and ideal states of processes, organizations can more clearly determine where to deploy resources to drive efficiencies and cut […]

October 25, 2019

Vendor Master Cleanse - TAG Inc - The Audit Group

How to Perform a Vendor Master Cleanse in Your Health System

We recently published a blog discussing the impact of outdated and incomplete vendor master files. Your vendor master reduces the risk of fraud and payment errors for health systems. Now we walk you through the laborious steps involved in cleaning up, validating, and maintaining your vendor master. STEP 1: Inspect the Current Vendor Master File Inspecting and assessing your current data is the most time-consuming part of a vendor data cleanse. Begin by identifying and collecting all of your relevant documentation, vendor files, and data sources. Once all the necessary information is collected, import to your preferred data management platform […]

September 10, 2019

Perform Master Cleanse - TAG Inc - The Audit Group

Five Reasons to Perform a Vendor Master Cleanse

On average, health systems work with over 27,500 vendors at a given time with seven percent of those vendors changing their name, affiliation, or standing on an annual basis. With such a large number and variability of vendors, managing vendor data can quickly become cumbersome for an organization’s Accounts Payable (AP) department creating exposure to payment errors, fraudulent charges, and risk of noncompliance. To minimize these risks, AP departments or the parties responsible for the vendor master must keep their master file current and free of errors by performing a vendor master cleanse and maintain the file on a quarterly […]

July 30, 2018

Penn Medicine’s Keys to a Successful Supply Chain

In today’s rapidly evolving healthcare market, more hospitals are cutting costs across the board and looking to their supply chain departments to identify the best places to start. Many health systems have taken this opportunity to audit and streamline their supply chains into more focused, profitable departments. Penn Medicine at the University of Pennsylvania is a great example. We recently interviewed Wayne Smith, Vice President, Corporate Materials Management at Penn Medicine to discuss how his team drives quality to throughout the health system. TAG: Why are supply chains so important to today’s hospitals? Wayne Smith: We are working in the […]