Can’t afford the time to track AP overpayments? These days you can’t afford not to.
We get it. In today’s healthcare environment, every penny counts. Increasing expenses and regulatory requirements, and the ongoing labor shortage, continue to challenge hospital systems across the country – placing additional pressure on supply chain organizations and AP departments like yours.
Finding the time for your team to review your AP and supply chain processes for overpayments, missing rebates, trade-in allowances and more, and then contacting vendors and others to reclaim funds often gets pushed down the priority list.
There’s a simple solution. And that’s having an external AP Recovery Audit partner to do the work for you.
The right AP Recovery Audit partner acts as an extension of your finance AND supply chain teams.
They have deep knowledge of the healthcare industry and a full understanding of your needs and objectives. They build collaborative relationships, getting to know your people and their roles. They provide critical and strategic input and analysis, diving deep into and beyond your ERP platform, data and processes to find exceptions and recover overpayments – with little to no intrusion. And that frees up your teams to focus on their day-to-day work.
The right AP Recovery Audit partner works remotely and minimizes your team’s involvement.
Your AP Recovery Audit partner should have the hardware, software and methodology in place to work remotely and minimize their impact on your daily workflow – with your team spending an average of 15 minutes per week reviewing recoveries through an easy-to-use, transparent, real-time Claims Management Portal.
And it’s not just about the technology. They need to have years of healthcare industry experience and the intellectual know-how to understand your processes, systems and procedures. The right partner will also have a large network of industry vendor contacts and the emotional intelligence to help enhance vendor relationships while they work directly with your vendors to negotiate and recover your funds.
The right AP Recovery Audit partner is efficient, effective and experienced.
Your AP Recovery Audit partner should efficiently conduct the audit with an average completion of 90 days, and a first dollar recovery within 30 days. Your entire audit process should be streamlined and efficient. And as an extension of your team, your AP Recovery Audit partner should clearly and openly communicate their findings on an ongoing basis. And when the audit is complete, they should identify the root causes of why discrepancies exist in the first place and help you close the gaps by providing you with a detailed roadmap for future success.