A one-time cost recovery is just that - an audit designed to find hidden money not accounted for or available to the organization. While this is financially important, and in fact, can provide a quick fix - it is only temporary and provides minimal visibility with little, if any, future value.
“Dark Data” is hiding deep within your Procure to Pay process and when made visible, can transform into valuable information that can lead to enhanced decisions. Only when the “Dark Data” is revealed and given context can an organization truly uncover the gaps causing Financial Leakage and prevent it from happening in the future.
In today’s environment, organizations are demanding prevention in order to manage the day to day challenges. At SpendMend, we acknowledge the frequency of change in the business environment is real, and as a result, organizations are asked to do more with less, which results in increased stress on staff, systems and goal oriented initiatives. SpendMend utilizes Cost Recovery as a tool to not only capture Financial Leakage, but provide insight and visibility into an organization’s spend management. SpendMend provides enhanced recovery AND visibility to the control gaps currently in place by leveraging elite technology, utilizing talented employees and proprietary tools. Our broader approach encompasses a much bigger picture and leads to a sustainable, more effective strategy for addressing Financial Leakage.
We have also established industry benchmarks and best practices that allow us to analyze your data and provide you with a more detailed methodology for preventing future leakage. It is more than just trying to thumb through reports or stare at lines within an Excel spreadsheet. It takes sophisticated tools and expertise to find Dark Data. And that is what SpendMend has been developing and deploying at some of the largest healthcare systems across North America.