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FAQ

Providing Visibility

Have questions about SpendMend or our process? Below we address commonly asked questions to provide transparency of our business and shed light on how we help organizations, like yours, shrink and manage Financial Leakage.

FAQs

  • What is Financial Leakage?

    Financial Leakage are dollars lost or at risk due to control gaps or process breakdowns within the Procure to Pay process

  • What is Dark Data?

    Dark Data is valuable information buried within the procure to pay process that is not easily accessible but when made visible leads to enhanced business practices.

  • How does Dark Data impact Spend Visibility?

    Business decisions are made every day based on the data available to the decision makers. Only when the Dark Data is cleansed and brought to light can true Spend Visibility be attained which ultimately leads to expanded insight, deeper knowledge and improved processes.

  • How much internal time and resources will this engagement entail?

    All the heavy lifting is done by SpendMend. Our experienced audit teams understand the procure to pay process and are accustom to working with suppliers to obtain preapproval on all claims. Utilizing our industry leading client portal with our claim management system we streamline the claim approval and delivery of data insights for our clients.

  • How are my vendors impacted?

    Having worked with the Healthcare supplier base for over 25 years we understand the nuances of the healthcare industry and work closely with the suppliers to obtain approval and support for the claims generated throughout the audit. Maintaining positive relationships with the suppliers has allowed us to continue to lead the industry in recovery and supplier satisfaction year over year.

  • What can I expect as an outcome of a typical project?
    • ​Highest Recovery in the Healthcare industry
    • Insight into the root cause along with actionable insights to close control gaps causing financial leakage
    • Improve Spend Visibility promoting better business decisions
    • A Path to Prevention to eliminate future loss
    • Peer Benchmarking

  • What data is necessary to perform the audit?

    ​To maximize results we recommend Purchase order, receipt, vendor master, paid history and any other auxiliary systems used in the procure to pay process be included in the audit. Because we focus on healthcare we are able to provide our clients detailed scripts designed to easily extract the data very efficiently from core ERP systems such as PeopleSoft, Lawson and Meditec to name a few systems.

  • How do you secure my data?

    SpendMend leads the industry in data security. Our data center is SSAE16 certified, we deploy SOC 1 and SOC2 encryption in a HIPAA certified environment. Your data is as secure as if it was behind your firewall

  • How much does it cost?

    Our services are contingency based…..if we don’t put money on your bottom line we don’t get paid, it’s that simple. Our focus is creating ROI for our clients and providing them a path to prevention to prevent future loss.

  • What is SpendMend’s organizational structure?
    • 100% W2 employees perform your audit.
    • Structured similar to a CPA firm with Partners, Audit Managers, Audit Supervisors, Auditors and support staff
    • Over 1000 combined years audit experience
    • Salaried associates…..not contingency compensated auditors. We execute the audit plan.

Have Questions?