Medical / Hospital
Vendors rarely invoice with 100% accuracy. Errors can arise simply from incorrect postings or misinterpretation of complex contractual agreements. In the current business climate, where internal staff are challenged to review and process invoices on time, it is critical to have outside expertise available to identify and recover lost profits. A comprehensive Herrod and Associates vendor review program will determine the current contract compliance level of key suppliers without adding additional burden to your staff. We will examine agreements that are the basis for the commercial relationship, verify that the resulting invoice activity complies with the terms of those agreements, and confirm that payments made under the agreements are accurate. Herrod and Associates will also assess the vendor’s compliance with your business ethics policy.
Our reports not only provide sufficient detail to facilitate collection, but they also include specific recommendations for improving contracting procedures and contract management processes to ensure that errors do not happen again. With your agreement, we also manage the recovering of overpayment process.