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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 […]

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 […]

August 29, 2022

Health System Spend Visibility Obstacles - TAG Inc

Is your Health System Achieving Clear Spend Visibility? (Spend Visibility Part 2)

Insight into spend visibility is essential for decision-making within finance and supply chain in health systems. Clear spend visibility provides information for leaders to make supply decisions, evaluate their procure to pay processes and gain insight into usage and product waste. The benefits of spend visibility are endless, but health systems and hospitals struggling to gain true visibility. Learn why your health system leaders need spend visibility now with part one of this series. Read now. Why Health Systems Struggle to Gain True Spend Visibility Disparate Data. Health systems create and hold a large volume of data from various sources […]

July 26, 2022

Why Health System P2P Leaders Need Spend Visibility (Spend Visibility Part 1)

How much can finance and supply chain leaders gain from spend visibility benefits? The answer is almost endless, but it comes down to better decision-making. When data, especially dark data, takes on the form of graphs and diagrams, leaders obtain insights rather than simply numbers filled in columns and rows. Suddenly it turns into potential fraudulent vendors, quality-controlled vendors, and an equitable, diverse vendor mix. With this information, leaders can make decisions to increase buying power, reduce reliance on any single supplier, and improve the organization’s patient outcomes. What is Spend Visibility? Comprehensive data analysis of spend data tells the […]

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. […]