Retail
Retail
Intervene in critical moments to prevent overpayments and accelerate recoveries
Preventing revenue leakage prior to the transaction is a coveted capability for retailers as they operate along the procure-to-pay continuum. When prevention is not an option, accelerating the recovery of overcharges upstream, closer to the transaction date, can fundamentally reshape the value realized in a recovery audit. Not only are financial recovery tactics shifted forward and accounted for in a nearby fiscal period, retailers also benefit from a quicker path to eliminating recurring issues and more opportunities to engage in productive dialogue with suppliers. Cotiviti's Zero Hour Alerts is a web-based decision insights software platform that gives retailers the ability to monitor, prioritize, and act on payment integrity issues before (pre-pay) and shortly after (near-pay) a transaction.
Eliminate audit recoveries by resolving errors in near real time
Increase the value of recoveries by shifting the audit upstream to avoid collection delay
Reduce current internal and primary audit cycle timelines
Eliminate friction with vendors and suppliers due to lengthy claim resolution processes
Eliminate audit recoveries by resolving errors in near real time
Increase the value of recoveries by shifting the audit upstream to avoid collection delay
Reduce current internal and primary audit cycle timelines
Eliminate friction with vendors and suppliers due to lengthy claim resolution processes
Our Zero Hour Alerts give multiple stakeholders the ability to prevent overpayments and act on high-risk transactions in near real time by leveraging Cotivit’s powerful audit algorithms and business logic. Zero Hour Alerts, in combination with our Alerts Dashboard, notify team members of hidden issues that are about to be processed, such as duplicate payments or a change in price. The signal to proactively intervene allows our clients to prevent revenue leakage before margin is impacted.
Expedited data acquisition and greater access to systems are catalysts for shifting error resolution upstream. Daily or weekly data acquisition is preferred for deploying an early warning system. Simply put, the sooner data is received, the sooner it can be processed and spun up into alerts.
Cotiviti works with clients to determine where alerts and acceleration can make the biggest impact to a retailer’s business. Known pockets of overpayment risk are a great starting point for Zero Hour Alerts, and can potentially include:
We also work to define business rules and parameters – these rules are refined for accuracy over time using root cause insights. As disparate supplier datasets are processed, these unique rules and Cotiviti’s proprietary audit logic combine to generate a list of future overpayments and high-risk transactions.
Cotiviti applies some level of customization across every audit. Flexibility is essential to configuring an alerts model that will return the greatest amount of value for each client. Who, what, and when are the questions to consider when designing a practical business application for Zero Hour Alerts.
Frequency of data delivery and accessibility of systems has a direct impact on the timeliness of alerts. However, resource allocation is just as critical to the effectiveness of alerts in preventing errors and accelerating recoveries. Cotiviti works with clients to determine the timing of alerts and how to “right size” resources to operationalize early intervention opportunities. The transactions that present the greatest risk or opportunity for margin accuracy will go a long way in determining the types of alerts to implement.
