Recovery Auditing Insights for Healthcare
SpendMend currently deliverers Recovery Auditing solutions to over 120 U.S. healthcare networks – spanning over 2700 individual locations. We believe there are six compelling and demonstrable reasons why we consistently deliver more recovery audit dollars and deliver more insights than competitive firms. Hospitals and healthcare systems that chose to work with a SpendMend Recovery Audit can count on the following six differentiators:
1. Dedication to the healthcare industry
For nearly three decades, SpendMend has been dedicated to serving the healthcare industry, exclusively. In additional to our flagship Recovery Audit services, SpendMend provides a complete suite of cost-cycle solutions to serve hospitals and healthcare systems.
2. Access to the healthcare industry’s largest master vendor database
SpendMend maintains an active vendor file of over half-a-million healthcare industry (and related) suppliers. Based on our large client population we are constantly communicating with these vendors and suppliers, updating their contact information and communication preferences. When we begin a recovery audit, our analysis reveals that we have already communicated with an average of over 94% of our new client’s suppliers within the previous 6 months.
3. Exposure to benchmarking from recovery auditing in healthcare industry
Every year, SpendMend performs an in-depth trend and analytics review based on our work with over 100 top U.S. top hospitals. In addition to discovering best practices and “next” practices at the country best-run hospitals and healthcare centers, SpendMend reveals as much (or more) data on why financial leakage occurs in the first place and how to prevent it moving forward.
4. Emphasis on fixing the healthcare client’s problem and reducing errors
SpendMend offers a diverse suite of solutions to help hospitals better manage their cost cycle. Unlike other Recovery Audit firms, we have no vested interest in allowing errors or to continue from one year to the next. Our business model does not rely on heavy recoveries, year after year. We believe in fixing your problems and partnering with clients to use more solutions.
Our 2019 benchmarking survey revealed that clients leveraging the SpendMend best practices suite reduced transactional error rates by 59% within three years of beginning an audit.
5. Dedication from a full-time, salaried staff to support our Recovery Audit
SpendMend employs a full-time, salaried staff of over 250 auditors, consultants, and experts to deliver dedicated and consistent recovery audit services. Employees are compensated by salary and bonuses are paid out based on company performance. As such, auditors are never encouraged to search for “low hanging fruit” in the data or to focus on areas of the audit that may be more personally financially rewarding. We perform an audit without prejudice throughout all phases of the P2P cycle to drive complete end-to-end recoveries and to maximize insights.
6. Access to Concierge Analytics to maximize Recovery Audit results
In addition to delivering a suite of over 40 standard reports on our online portal, SpendMend works directly with clients to customize additional reports and analytics to help clients address and solve their company’s most pressing internal issues.
Questions regarding a SpendMend Recovery Audit for your Healthcare System?
