Today, uncertainty for hospitals and other healthcare providers is a state of being. With operating expenses increasing and revenue decreasing, financial leaders are faced with prioritizing cost reduction initiatives.  Enter cost recovery audit, a value-based service offering that is used to verify the accuracy of supplier transactions and recover funds that slip through the cracks.

Larger hospitals and networks have focused on non-labor cost reduction, targeting medical-surgical supplies and purchased services which have increased significantly during past years.

Spend […]

Data mining has become an increasingly important driver of decision-making for finance leaders.  While larger organizations have been investing in analytics for many years, others remain in the early stages.

Perhaps the most important success factor is to create a strategic plan that includes goals and objectives for the different areas of the organization.  Identifying stakeholders representing targeted areas early in the process and investing in initiatives that maximize internal value while building momentum helps leaders overcome internal resistance.

For […]

Commitment to learning and willingness to take risk would be the best way to describe career aspirations upon beginning a journey in accounts payable audit thirty years ago.  There was little awareness of how important flexibility was and how helpful practicing “blind faith” would become.

A career requiring travel from city to city – was not very glamourous.  Work was typically with grocery wholesalers, catalog showrooms or mass merchant retailers.  Many engagements were first time reviews and few clients believed […]

Healthcare providers face unprecedented margin pressure due to lower reimbursements.  Many leaders are targeting non-labor spend to drive future savings.

Meanwhile, process improvement continues to be a priority.  Yes, we’ve all accepted that “doing more, with less” is the norm and cost reduction decisions often create internal challenges.

This is particularly true in the Procure-to-Pay (P2P) space.  Back-office operations – in many cases driven by legacy systems – have not been a priority.  Most providers have historically opted to […]