Pinpoint Gaps in Data for Better Performance
There are ongoing complexities in the insurance market, as what applies today can easily shift tomorrow. Our proven track record allows you to easily navigate these nuances, ensuring you remain profitable while improving performance through mission-critical product and spend analytics.
Face These Insurance Business Challenges Head-On
Business expansion in a fiercely competitive landscape requires finding and developing new relationships and investing in new business activities, both of which require funding. Our detailed audits will help uncover and stop your spend leaks, identifying the hidden profit opportunities that allow you to grow and remain competitive.
Success requires new, updated tools and service partnerships that allow you to perform at the highest level. Our secure technology-enabled approach provides the ongoing operational efficiency required to give you insight into your transactions with third party suppliers.
In an increasingly commoditized industry, standing apart from a growing number of competitors is critical. Whether you focus on freeing up resources to grow talent or increase customer offerings, investing in your business is imperative. Trust our proven, secure and data-driven self-funding programs to dig deeper and recover the hidden revenue to reinvest in your organization.
Accounts Payable Recovery Audit
Outsmart the Spend Cycle
Although untapped value exists within your source-to-pay data, the resources for finding that value are scarce. Common errors like duplicate payments can lead to millions of dollars in lost profit. Our Accounts Payable Recovery Audit helps companies identify and recoup funds across a myriad of settings and prevents the errors from happening again.
Our comprehensive approach reviews all major factors of your accounts payable process, including:
- Escheatment avoidance
- Sales and use tax
Realize Maximum Contract Value
With the significant number of third parties you manage, making sure they fully deliver on contracted terms can be a huge task. Our Contract Compliance Audit services help ensure that your contracts are thorough and effective and that all third parties are performing and invoicing to your negotiated agreements.
Our services cover:
- Price variance
- Labor rates and per diems
- Equipment and materials
- Mark-ups and multipliers
- Profit and overhead
- Negotiated supplier agreements
More Data, More Expertise, More Value
Every day that your source-to-pay cycle isn’t optimized is a missed opportunity to find the resources you need to invest in and grow your business. Our Advanced Analytics combine industry-leading consulting and data expertise with robust tools to rapidly uncover insight and take action to deliver bottom-line results.
Protecting highly sensitive client data
We utilize a unique technology triad that enables our specialized teams to efficiently and securely perform a variety of audits – to help you uncover value in your processes. Our proprietary platform, the Verigon™ Solution Suite, rapidly takes in huge volumes of transaction data from accounting, ERP, procurement and other systems. Once captured and streamlined, data is housed in our Epiphany Data Foundation™- the foundation of our recovery audit, contract compliance and advanced analytics solutions. At the same time, enjoy complete visibility into the audit process and fund recovery via our Panoptic™ Compliance Audit Platform.
To help keep our client data secure, our technology maintains the privacy, integrity and controlled use of confidential information, including personally identifiable information through a combination of hardware, software and physical security, coupled with strong internal data security processes, procedures and controls that meet or exceed relevant laws, regulations and industry best practices.
Download Our White Paper: "Contract Audit: The Power of Prevention" Traditionally, supplier contract audits have focused on finding past billing errors and working to recoup funds, but times are changing....
Download Our White Paper: "How Artificial Intelligence And Machine Learning Are Transforming Recovery Audit" Explore how advanced analytics are shifting recovery audits from retrospective to preventative in our exciting...
Download Our E-book: "Five Best Practices for Renegotiating Supplier Contracts" Discover why supplier contracts don’t always deliver the value expected and how to get more out of contract negotiations...