An overview of the Procure to Pay Recovery Audit Service offered to hospitals and healthcare system from SpendMend.
Transcript
In today’s intricate healthcare environment organizations experience operational lapses and financial leakage due to breakdowns in processes and controls.
The problem persists because hospitals and health systems face constant change. While managing through complex environments in an unending pursuit to remain compliant with internal controls and external regulations. Hospitals lose millions of dollars annually due to these common pressure points that are inherent to the healthcare industry.
To this point hospitals have had limited solutions available. Consultants and typical recovery audit firms often engage to uncover some issues but the leakage continues year after year. Ideally, there should be a way to solve the problem. SpendMen serves hundreds of health care systems comprised of thousands of hospitals, delivering a unique solution to help support your cost savings initiative while fixing your financial leakage by partnering with hospitals and applying proprietary tools, expert personnel, and decades of industry knowledge to thoroughly review all transactional data sets as well as exposing the more elusive dark data buried in client systems. Our process drives significantly better results than conventional solutions, while delivering actionable insights so the cycle of financial leakage doesn’t continue. No matter what your specific needs might be, SpendMen will leverage our award-winning software, our proprietary methods, and our expert staff to tailor a solution just for you
Recovery Auditing in Healthcare
As the recovery industry matured, new forms of Recovery Auditing became popular in other industries outside of retail. In time, the healthcare industry began to embrace the use of these audits because of the overwhelming difficulties facing large healthcare systems as they tried to support patients, payers, and providers.
For more information regarding the benefits of having a Recovery Audit to help boost your hospital’s bottom-line or to drive new insights and visibility into your cost-cycle, contact SpendMend today.