Audit and Renegotiate Services to Save Your Capital
We are looking out for you! Audits are worth the effort and expense and our professionals conduct audit services to manage risk, improve processes and collect your reimbursements from overcharges. Many medical professionals have been fined for improper payments made by their vendors (on their behalf) through a myriad of fraud and corruption schemes where supply chains are exploited. Often the initial reaction from health care providers is that audits are expensive, difficult to conduct, excessively time-consuming and have an adverse impact on the efficiency of the organization.
We work to help our customers manage risk from third party providers of products and services. We keep track of vendors and ensure that they comply with contractual terms. When these activities are ignored, invoice error rates and fraud escalate. A recent Kroll report on fraud indicates 66% of companies in the US were hit by fraud last year, and the average loss of revenue was 1.2% . The direct financial impact of these issues are large and, perhaps equally important, they point to significant issues in risk management and internal control processes.
We are ready to successfully execute an audit and renegotiating process to save your organization dollars.
Benefits of Auditing Your Vendor Contracts?
- Helps improve your productivity, save money and reduce your supply costs.
- Eliminate Overcharges and Duplicate Billings.
- Eliminate mistakes that bring high costs within large contracts.
- Identify missed overcharges on accounts.
- Eliminate overspending by thousands of dollars per year.
- To help you retain strong relationships with your vendors.
- Prevent potential legal challenges. Many companies become embroiled in legal issues and fined as a result of improper payments made on their behalf. This can lead to a loss of faith in the company, and a long, drawn out investigation that impacts productivity in the long-term. A comprehensive and flexible audit process helps analyze third party vendor contracts for potential legal issues and protects the organization against damaging litigation in the future.
- By auditing vendor contracts, we limit your logistics costs, streamline your services to customers, and protect your brand for the long-term.
- We help our customers mitigate the risks inherent in the third party vendor contract relationships.
PROTECT YOUR COMPANY - ESSENTIAL Clauses that Should Be Part of Your Third Party Vendor Contracts
- Insurance - Vendors should be required to maintain proper levels of workers compensation insurance, cybersecurity insurance, and comprehensive general liability insurance.
- Legal Name - The true legal name of the contracting vendor must be inserted in the agreement, so that, in the event of litigation, the legally responsible party is properly identified.
- Scope of Work - Far too many contracts have only a cursory description of the labor and materials that will be provided under the agreement. The contract should include an arbitration clause, detailed specification of the services, return of data at conclusion of contract services, and materials being purchased so that the performance of the contract can be measured.
- Warranty - The specific terms of all work and material warranties must be included in the contract.
- Completion - The contract should contain a start and completion date.