Learn how to transform the accounts payable function for your business.
Organizations leak billions of dollars each year stemming from errors made during the procure-to-pay process. Causes to these leaked funds can often be tricky to pinpoint requiring third-party analysis to uncover root causes. This material will review the top five areas that can help accounts payable (AP) departments greatly reduce leaked funds by preventing errors from occurring in the first place. Awareness of these errors is the first step to prevention. Gain insight into these areas and tips to putting prevention methods in place.
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Tip 1: Improve Communication With Contracts, Purchasing, Shipping/Receiving, and User Departments
- Issues/Recommendations on Collaborating With Contracting/Sourcing
- Focus on Effective Rebate Tracking Process
- Issues/Recommendations on Collaborating With Purchasing
- Focus on POs
- Issues/Recommendations on Collaborating With End User Departments
- Issues/Recommendations on Collaborating With Shipping/Receiving
- Focus on Returned Goods Process
Tip 2: Regularly Review and Update Vendor Master File
- Common Issues Found Within Vendor Master That Cause Payment Errors
- Common Causes of Duplicate Payments
Tip 3: Train and Retrain Staff in Correct Data Entry Practices
- Common Issues That Occur With Incorrect Data Entry
- Client Example on the Types of Errors We Have Found Due to Data Entry
- What to Look for to Identify Errors and Recommendations to Prevent Them
Tip 4: Regularly Review Vendor Statements
- Common Issues With Irregular Statement Review
- Common Causes of Irregular Statement Review
- Consequences of Irregular Statement Review
- Recommendations for Statement Review
Tip 5: Create and Track KPIs
- Recommend KPIs to Be Tracked
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This course was last revised on September 23, 2020.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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- Manager, Business Development at TAG, Inc.
- Founded in 1988 by the current owner and CEO, John Weiss, TAG, Inc. (formerly The Audit Group, Inc.); the company is now a leader in the industry, focused on helping health care systems save by taking them beyond a standard AP recovery audit by offering Procure-to-Pay (P2P) consulting and process optimization services; serving more than 1,000 hospitals and health systems, our goal is to stop our clients’ funds from leaking, create opportunities for future savings, and optimize their business processes by adopting Lean principles
- Bachelor’s degree in business and finance, Columbia College of Missouri; pursuing M.B.A. degree in project management, Lindenwood University
- Can be contacted at 573-418-4731 or [email protected]
- Currently serves as chief human resource officer, Leadership Development Practice lead and executive leadership coach for The Audit Group, Inc. (TAG, Inc.)
- Teaches and coaches sustainable professional development programs of servant leadership utilizing the combined 150 years of research, science and theory from Ken Blanchard’s SLII®, Wiley Everything DiSC and GALLUP – Clifton StrengthsFinder
- She is a certified facilitator, trainer, change management consultant and a certified Gallup strengths coach
- Bridges her experiences as a former health care business owner, executive coach and leadership educator to inspire others toward positive, productive results through professional development
- Conducts leadership training workshops, leads team and manager seminars to develop leaders, leverage individual and team strengths, build partnerships, resolve conflicts, maximize performance and increase engagement levels
- Works with executives, entrepreneurs, managers, high potential team members, in all sectors, industries and disciplines
- B.S. degree, Central Michigan University; graduate studies in Leadership Development, Saint Louis University
John Weiss, Jr.
- CEO and founder of TAG, Inc.; TAG was one of the first companies to provide AP recovery audits to hospitals and health care systems and today is one of the only companies still committed exclusively to improving health care accounts payable and supply chain practices and processes
- TAG has more than 30 years of health care specific auditing experience in procurement-to-payment processes
- A pioneer in auditing health care payment systems back when vendor payments were primarily manual, he saw the movement of health care payment systems to incorporate complex ERP processes; TAG’s technological capabilities continue evolving to analyze ERP systems to uncover errors leading to financial loss within health care provider organizations
- TAG is a national health care consulting company producing guaranteed, measurable results for its clients by recovering funds disbursed in error and recommending corrective actions; today, TAG provides a variety of project-based and continuous consulting services exclusively committed to large, complex health care organization throughout the U.S.
- Has spoken at seminars and workshops through industry organizations like Association of Health Care Internal Auditors (AHIA), Association of Human Resource and Materials Management (AHRMM), and the Health Care Compliance Association (HCCA) Compliance Institute
- Has written for several industry publications; articles include "Identifying Supply Chain Disbursement Errors and Reducing Waste" for Healthcare Financial Management Association (HFMA) Healthcare Cost Containment magazine, October 2013, and the HFMA St. Louis Chapter newsletter
- TAG has sponsored memberships in HFMA, AHRMM, and AHIA
- Graduate coursework in business management, University of MO-Columbia; B.A. degrees in history and political science, Southeast Missouri State University; executive business leadership seminars sponsored by Entrepreneurs’ Organization and Massachusetts Institute of Technology
- Can be contacted at 636-536-6333 or [email protected]
- Manager of Client Solutions at TAG, Inc. and has been with TAG for over 7 years
- Specializes in delivering cost savings to a wide array of clients as well as comprehensive consulting in the P2P space; in his career he has delivered over $20M in cost savings for his clients
- He is an expert in assessing the functionality of returned goods processes in the health care space and developed TAG’s returned goods implementation service
- Also very well versed in assisting health systems with ERP system conversions and the often-complicated go-live process
- Written blogs and given presentations on returned goods and also presented at national conferences, such as AHIA 2019, on the power of using data analytics to mitigate risk within a health care organization
- M.B.A. degrees, B.A. degree in accounting, and B.A. degree in finance, University of Central Missouri
- Can be contacted at 636-219-6359 or [email protected]
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