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Course Details

5 Ways to Improve Accounts Payable Financials

Webinar: ID# 1018051
Recorded CD
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About This Course:
Many organizations already have the technology and talented AP staff to manage payments and prevent fund loss. That's part of the good news. The other is that many AP issues causing fund losses can be avoided by making sure effective processes are in place to avoid duplicate payments, overpayments, lost credits, data entry mistakes, and overcharges.

By reducing errors that cause financial loss, organizations also reduce the associated time and labor costs to correct errors and recover funds.

This webinar provides simple and inexpensive recommendations for corrective actions to improve processes using real-life examples.

Agenda

What Are the Costs of Incomplete or Ineffective AP Processes to an Organization?
  • Financial Costs of Errors
  • Time and Labor Costs to Correct and Recover Funds
Common Areas Where AP Improvements Can Be Made - Simply, Inexpensively, and Effectively
  • Payments (Duplicate Payments to Multiple Vendor Numbers for the Same Vendor)
  • Pricing (Overcharges, Overpayments and Contracts)
  • Data Entry (Miskeying, Inconsistent Data Entry)
  • Credits (Rebates, Returned Goods, or Vendor Cash on Account
5 Tips to Reduce Payment Errors
  • Improve Communication With Contracts, Purchasing, Shipping/Receiving, and User Departments
  • Regularly Review Vendor Master Files to Eliminate Multiple Vendor Accounts
  • Train and Retrain Staff in Effective Data Entry Practices
  • Request and Review Statements From the Largest Vendors for Credits, and Use Them ASAP
  • Establish Key Performance Indicators (KPIs) to Benchmark AP's Progress
About The Presenters

Howard Dobshinsky
  • The Audit Group’s regional director manages the company’s client engagements in the northeast U.S.
  • He and his team have recovered more than $30 million, lost through error or oversight, for clients
  • As TAG’s regional director, Howard directs the company’s largest projects, evaluating client procurement-to-purchase operations to identify systemic issues causing fund loss, devising cost-saving strategies and process improvements for corrective actions, and facilitating client training on AP best practices
  • Graduate, with a degree in economics and a minor in business, Brandeis University
John Weiss, Jr.
  • CEO and founder of The Audit Group (TAG); 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 25 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, Mr. Weiss 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.
  • John has spoken at seminars and workshops through industry organizations like Association of Healthcare Internal Auditors (AHIA), Association of Human Resource and Materials Management (AHRMM), and the Health Care Compliance Association (HCCA) Compliance Institute
  • Weiss 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 course work 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
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5 Ways to Improve Accounts Payable Financials
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