The Top Five Things I’ve Learned (so far) at the 2022 Trade Shows

By Alan Brander

We’re almost halfway through June (can you believe it?) and the SpendMend team has been busy traversing the map and meeting clients and colleagues at trade shows and industry conferences across the country.

At this point in the year our team has already attended ten separate trade shows and I estimate we’ve had hundreds of meaningful conversations with clients and other industry experts.

A few patterns are beginning to come into focus, and I wanted to spend a moment to lay out my top 5 things I’ve learned so far at the 2022 trade shows.

We’re ready to mingle. One thing is for sure… we’ve all been cooped up long enough and although some of us already started returning to shows in 2021 – most of us have not.  Being out on the conference floor and among peers is a welcome relief from working from home and spending countless hours on video calls.

  • The emphasis on “Cautiously.” I’d say, for the most part, the colleagues and peers I’ve been meeting with are fairly optimistic about the market and supply chains, and COVID-19 cases getting better.  Many people acknowledge that we are in the middle of a downturn, but there seems to be a sense of cautious optimism.
  • Dance cards are full. The past few shows have been like nothing I’ve seen in the past.  I am a 30-year veteran of the healthcare industry and I spent most of my career serving on the healthcare provider side.  My most recent hospital gig was as a Chief Nursing Officer where I was responsible for 2 hospitals.  Nowadays, I attend conferences as a service provider, in that new capacity I’ve gotten used to working a little harder to get the attention of VPs and C-level officers.  So far, this year has been different, I find that the hospitals are seeking us  I barely leave the booth and there is often a line of people queuing up to talk with us.
  • Cost savings, cost savings, cost savings… There are many things on the minds of hospital leaders at present. Supply Chain, Data Security, COVID-19, Nursing shortages, and more.  All that said, the most common pain point that we observed was in the area of cost savings.  Or more to the point – hospitals and healthcare systems are asking, how can I get better visibility into: What I am spending? How can I spend more intelligently? How do I avoid profit loss? How do I negotiate better terms? What cost metrics should I be tracking… and on, and on.  They used to say, “Cash is King.” Right now, I feel like “Costs are paramount!”
  • There simply isn’t enough time. As we return back to a semblance of normalcy, I see hospital leadership with much longer “to-do lists” than ever before – with the same number of hours in the day to do it all. The world has become more complicated so there has been an increase in new initiatives.  At the same time, the hospitals are still obligated to maintain their usual operations and add to that there is a daunting backlog of items that have been ignored since March of 2020.  Leaders throughout the healthcare industry are working overtime to balance all these different sets of priorities and trying to settle on… what are the real

So that’s my Top 5 list for the time being, but we still have another 7 shows on our calendar for the balance of the year.

I’ll check in again in six months to tell you how everything turns out!

SpendMend Team Members Attend Van Andel Institute Lunch and Learn

SpendMend Team Members Attend Van Andel Institute Lunch and Learn

Written by: Hannah Geelhoed, Web/Graphic Developer and HR Assistant

In April, I had the opportunity to attend a Lunch and Learn at the Van Andel Institute (VAI) with another member of the SpendMend team, Colleen Kretowitcz. During this event, we got to hear Dr. Carrie Graveel, Senior Breast Cancer Research scientist, and Dr. Matt Steensma, Associate Professor at VAI, Section Chief of Orthopedic Oncology Spectrum Health, speak about the research projects currently happening in their lab and how they are using the funds that are raised from the Bee Brave 5k. We also got to meet researchers and students, tour the labs, and learn about the individual projects each of the researchers and students is tasked with.

(Image shows Hannah with one of the scientists holding a rat’s breast cancer filled mammary gland)

The VAI labs are so beautifully designed, laid out, and stocked with all the greatest technology to help aid in the incredible research going on in the labs. One of the highlights of the tour was getting to see the cell counter and microscope that were purchased using the funds from the Bee Brave 5k. (see below)

 

Over the past 5+ years, SpendMend has been participating in the VAI’s Annual Bee Brave 5K by sponsoring, donating, and walking/running in the event and raising a total of over $35K! This year we got to join the Bee Brave leaders, other team captains, and survivors in presenting last year’s event check to the VAI. It was a special moment to hand the “big check” to the VAI with a bunch of the people that work so hard to make it all happen.

If you would like to join us in this year’s fundraising efforts or would like to learn more about the VAI, please visit: https://purplecommunity.vai.org/bee-brave/

Read about our past Bee Brave Experience here: https://www.spendmend.com/spendmend-dedicates-bee-brave-5k-fundraiser-to-team-member/

The “What, What, What” of Medical Device Explants

By Joe Heminger, Business Development Representative

The OIG listed on the 2022 workplan that they will be auditing the hospital’s explanted medical device credit process and approved $50 million in funding for these audits.

To give you a quick breakdown, we have listed what you need to know.

The What

Explanted medical devices sometimes fail and must be replaced. Hospitals owe Medicare warranty monies for explanted items even if they do not send the explant in for review or if they do not recover the funds.

The So What

Centers for Medicare & Medicaid Services (CMS) reported that the Office of Inspector General (OIG) is currently auditing hospitals across the United States. Medical Device Explant credits are a huge focus for them. The new fine and penalty structure for non-compliance can result in a huge financial burden when hospitals are already suffering due to COVID-19.

The Price of Non-Compliance

Penalty = 3x the credit + additional fines

Designated as an Excluded Provider

The Now What

SpendMend can perform a low-cost OIG Mock Audit of the last 4 years of this high-risk low-frequency occurrence. Let us determine if your program is compliant or at risk!

For any questions about how a SpendMend Medical Device Explant Warranty Credit Review can impact your bottom line and improve your process, please do not hesitate to contact me at jheminger@spendmend.com.

How Can You Be Part of AP Week?

By  Kylee Savage, Marketing Manager

Today marks the first day of the 4th annual AP Appreciation week!

During this week, all of us, in and around the AP community take time to celebrate the hard work by everyone in the AP/P2P industry!

AP Appreciation week was brought forward by the Accounts Payable Association (APA). The APA is a professional body devoted to serving the Accounts Payable/ Purchase Ledger professional community.

The group is committed to helping Accounts Payable become viewed as a separate and distinguishable profession. To this end, the APA has created a set of certifications to recognize and support AP Professionals.

So, what can you do to help celebrate AP Appreciation week? If you look at the APA website, they have listed a number of ways in which you can take part!

• Take Photos: Show off your AP team, whether in their WFH office or business office, and show us what you’ve been up to throughout the week!
• Bake Cakes: Celebrating what you’ve achieved across the year will always help with a slice of cake. So be bold and create the biggest AP cake we’ve yet to see!
• Say Thanks: When busy at work, we forget the pressures of being humans. This is a fantastic opportunity to congratulate or thank someone for their hard work!
• Broadcast to the Community: Like you, there are 1000’s of Accounts Payable professionals who will face the same challenges as you! Use this opportunity to connect with new people and ask if they have any advice that could support you!
You can share how you’re celebrating on your social media feeds during the week and remember to use #APAWeek2022.

Your Healthcare System is Overlooking a Big Pile of Unclaimed Assets

By Teri Harkins, Vice President of Sales

All healthcare organizations are at risk of suffering significant financial leakage due to complexity, compliance, and constant change. One often-overlooked area where healthcare systems are losing substantial dollars is in the arena of Unclaimed Property. The answer to Unclaimed Property is the process of “Asset Recovery.”

In a recent report, Forbes.com states that “there’s a whopping $49 billion in unclaimed funds waiting to be claimed” by various organizations including a massive population of hospitals and healthcare systems.
But the question remains… has your hospital/health system thought about how unclaimed property may be impacting your bottom line?

Typically, when you think about unclaimed property, you view it as an obligation to report and remit unclaimed assets. You are not wrong because these unresolved items must be escheated to the jurisdiction of the rightful party. This is a vital process, and the penalties are steep if overlooked.

However, despite having escheated thousands or even millions in assets, your healthcare system is likely overlooking monies that are owed back to you. These assets can result in significant dollars, but far more than simply the dollars, it is the details of the transactions that led to these wayward dollars that can and will often provide a road map back to your organization regarding what is and what is NOT working in the way you manage your P2P process.

Of every solution I have personally witnessed to help hospitals and health systems perform Asset Recovery, SpendMend really does offer the most complete and comprehensive solution. SpendMend focuses on recovering dollars, but more than that they help hospitals improve efficiency and profitability.

If you have questions about how an Asset Recovery review can impact your bottom line and improve your process, please do not hesitate to contact me at  tharkins@spendmend.com and I will be happy to show you more.