7 step profit reovery audit process

Every Organization Has Financial Leakage

Every year, Medical Industry Suppliers lose untold millions due to financial leakage in the cost cycle. But there is hope; the errors can be corrected,
and the lost revenues can be recovered. By performing an industry leading SpendMend Profit Recovery Solution, your company will identify and reclaim losses while at the same time gain insight and visibility into your processes.

This means you can prevent these errors from occurring again in the future. Although every profit recovery audit is unique, SpendMend follows a tested 7-step process:

The Features of the SpendMend Profit Recovery Audit Solution

Duplicate Payment Audit

Proprietary searches and scripts

Statement Audit

Automated outreach and OCR to maximize credits

Contract Compliance

Price-change monitoring to ensure terms

Online Portal

Real time insight and visibility into results and reports

Reporting & Analysis

A robust suite of reports to drive improvements

Offsite and Efficient

Offsite workforce will not require system resources

The Benefits of Using SpendMend to Stop Your Financial Leakage Include

Industry Leading Recovery

Receive $1.24M per every $1B in annual spend

Visibility & Insight

Gain in-depth Root-Cause Analysis for all claims

Future Loss Prevention

Enjoy a 59% rate-of-error reduction within 2 years

Improved Processes

Experience key process improvement

Time Savings

Reduce resource drain with SpendMend’s recommendations

Negotiating Leverage

Negotiate favorable terms by leveraging audit insights


Medical Supplier Profit Recovery Overview

Why We Do What We Do

SpendMend has proudly served all manner of business entities throughout the healthcare industry for over 28 years including hospitals, pharmacies, and suppliers. Our goal is to leverage our deep knowledge of the industry to help improve patient care through the value of our innovative cost savings solutions, insightful transaction analysis, and improved visibility across business relationships.

Our team members have worked with 16 of the Top 25 medical suppliers delivering over $1 Billion in realized savings. Our specialized work with medical suppliers is some of the most critical work we perform ensuring that healthcare systems are working with a healthy supply chain consisting of thriving suppliers.

The Role of Dark Data

Dark Data is critical information that organizations collect, process and store during regular business activities, but generally fail to use for other purposes. Left unchecked, this unseen information drives financial leakage. For over 30 years, SpendMend has shone a light on dark data, illuminating control gaps, reducing cost and recovering lost revenue.

“A consolidated pharmacy services center can ensure a consistent supply of high-quality medications at the lowest possible cost, minimizing the impact of drug shortages and maximizing best practice.”
Ken Hall, Finance Director, UTMB