Sourcing as a Strategic Means for Monitoring Rebates
May 27, 2020
Optimizing the Returned Goods Process for your Healthcare System
June 9, 2020SAINT LOUIS, MO / ACCESSWIRE / June 4, 2020 / 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 a better way to give back to the industry than to offer our resources to our clients at no cost. This has been a most rewarding feeling thus far, as we have vastly exceeded my initial first month's hopes for recoveries. I cannot wait to see how month two delivers more savings," said John Weiss, CEO, and Founder of TAG, Inc.
How is TAG providing the savings?
TAG works with healthcare system's Supply Chain and AP departments to analyze their procure-to-pay data to uncover leaked funds and fix errors stemming from process gaps, human errors, and lack of system controls. Common errors resulting in leaked funds are duplicate payments, overpayments, and missed rebates.
Once leaked funds have been identified, TAG works directly with the providers' vendors to recoup the lost funds.
TAG offers services to recover these leaked funds and consulting to decrease the funds leaked year-over-year.
TAG thanks our nation's healthcare systems as they continue providing for COVID-19 patients and beginning the transition back to the new normal.
