You Should Not Delay Your 2022 Profit Recovery Audit in Healthcare – by Kylee Savage, Marketing Manager
You really cannot delay the start of your profit recovery audit in healthcare. There is simply too much at stake – this year now more than ever. After several conversations with clients and a quick review of our Q1 audit results, we’ve learned that after the past two years of unprecedented upheaval in commerce your process is more at risk now than ever before. We’ve come up with three critical reasons why you should not delay when it comes to starting a deep dive review of your historical AP records, your contracts, and even your vendor statements:
1) If you delay, you will lose dollars with no chance of getting them back. Based on the past two years of research across thousands of hospitals and millions of transactions, we have observed that delaying an audit will lead to an average MONTHLY loss of $117,000 per every $1B that you spend annually.
2 ) COVID has changed everything. Profit Recovery credits increased by over 70% through the pandemic and the numbers still have not come all the way down. This is consistent across ALL clients. You need to determine if the negative impact of COVID is still present in your P2P process.
3) You need to quickly find out why do transaction errors occur in your environment and then you need to directly address the causes. Letting critical issues go unchecked for the next year will cost you more in the long run. The SpendMend review focuses on fixing the gap in your process.
We hope this blog post has at least opened the door for you to find out a little more. We’ve been providing Profit Recovery services for nearly three decades and we can say with confidence, that our solution has never meant more to our clients and has never driven more meaningful results than right now.
For questions regarding the SpendMend Profit Recovery Audit in Healthcare please contact Nicole Thompson at 760.583.9410 or email@example.com, or visit our website.