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April 14, 2023

Centralized AP vs Decentralized AP at Healthcare Systems - TAG Inc

Centralized AP vs Decentralized AP at your Healthcare System

Does your health system operate a centralized Accounts Payable (AP) department or run decentralized departments and systems? Is your current structure effective and efficient, or is money being leaked through your AP operations? Understanding how your health system’s AP operates and the benefit of different operating models is essential to decision-making. It takes AP one step closer to obtaining a holistic view of its function, what it could improve upon, and where it already excels. What AP Structure is your Health System Using? Centralized AP A truly centralized AP exists when all AP functions and staff across all entities inside […]

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 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 […]

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 […]