Competitors continue to flood the market for financial services and insurance providers, making it increasingly difficult for established players to differentiate and remain profitable. Innovation in interactive, attention-grabbing consumer technologies is a must for firms to retain market share and remain profitable. By regularly evaluating the performance of third-party suppliers against their peers and verifying that suppliers return expected value for investments in areas like technology and data security, your firm can correct cost inefficiencies.
Experience is an express lane to recovering revenue leakage resulting from accounts payable and indirect spending agreements. Cotiviti relies on industry-leading audit IP, advanced technologies, and experienced auditors to review data across tens of thousands of invoices and contracts. Cotiviti shares insights from across all suppliers in our database to provide a 360-degree view of issues that can lead to lost profit and to identify emerging trends and developments that can transform your supplier relationships.
Our team of auditors, supported by best-in-class technologies, begins an engagement understanding the unique challenges you face in optimizing supplier relationships and realizing value across the procure-to-pay lifecycle. Root cause insights spanning an entire marketspace and varying types of agreements result in greater accuracy and performance.
When dealing with a substantial volume of transactions and supplier contracts, vulnerabilities and errors are bound to erode a company’s bottom line. An Accounts Payable (AP) Recovery Audit is a safeguard to ensure that you are realizing value by reviewing supplier data to spot overpayments and under deductions. Cotiviti’s AP Recovery Audit uses a combination of advanced technology and highly experience auditors to identify leakage in key areas:
Duplicate payments, overpayments, payments to incorrect vendors, and missed discounts are all possible when organizations process millions of transactions every year.
Cotiviti utilizes distinct audit methodologies and investments in proprietary technology, data mining, and analytics to uncover these errors that may otherwise go unnoticed.
A Cotiviti statement audit helps companies realize efficient cash flow. Often, funds are "missing" due to unprocessed credit memos, unapplied cash, misapplied credit memos, netting of open invoices, discrepancies in credit memo amounts versus chargeback amounts, and invoicing payment anomalies.
Our highly experienced team review supplier statements to identify variances that can produce corrections in your favor.
Financial services and insurance firms execute hundreds of indirect spend contracts for goods and services with complex terms and conditions that often go unchecked—and can represent millions of dollars in overpayments. Confirming compliance with contract terms is critical to ensure what was negotiated was received, but identifying errors is just the first step on the path to complete payment accuracy. Supplier cooperation is critical, but not always easy to obtain. A skilled audit partner with an extensive network of supplier relationships can best navigate the negotiation and settlement process to drive a fair and favorable outcome for all involved.
Goods not for resale (GNRF) or indirect spend categories that Cotiviti reviews across a variety of industries include:
Cotiviti’s experienced Contract Compliance audit team completes hundreds of audits per year for our financial services and insurance clients, deploying a mix of proprietary technology and highly experienced teams to review the terms, conditions, and intent of suppliers’ contracts and compare them with goods and services actually delivered. We identify anomalies to contract intent thorough analysis of key cost, pricing, and profit elements within each contract. The risk profile we have developed can help identify potential audit opportunities.