Revolutionizing the Recovery Audit Space
Earlier this month, FlexTecs announced the launch of its new website.
The new website highlights the company’s focus that “recovery audits are only the first step in a larger process of elevating businesses’ operational efficiency.”
The blue branding and logo remain the same but the updated imagery is a nod to the speed and agility that FlexTecs has provided its clients over the past decade and will connote the drive to better business outcomes enabled by FlexTecs.
FlexTecs’ new look and feel more closely reflects the complex nature of modern enterprises and their financial risks coupled with the subsequent evolution of the recovery audit process.
As businesses have grown, so have their challenges — whether they face supply chain disruption, faulty digital transformation initiatives, or operational complications, the recovery audit industry has not adapted to help businesses effectively solve their challenges.
Though companies desire proactive solutions, many of the processes in place today are driven by stagnant, reactive solutions that disregard the actual root of the problem.
Traditional recovery audits alone are not enough anymore - and FlexTecs is leading the industry with the innovation required to adapt and eliminate today’s modern enterprise risks.
To tackle modern problems requires a modern approach.
The traditional approach to Recovery Audit:
The primary external firm reviews transactions from the previous fiscal year or prior.
The secondary external review examines even further — stretching 2-3 years in historical review.
The lack of timeliness and speed with this strategy can lead to many vendors going unreviewed and a great deal of funds unrecovered. While some scenarios may still benefit from this type of process, firms must incorporate a more efficient model to address modern problems.
The key lies with uncovering underlying issues with a holistic approach -- reviewing all vendors and resolving all claims with an accelerated or real-time review, and ultimately implementing technology that eliminates and prevents errors.
The modern approach to Recovery Audit:
Accelerate the review to capture claims within 30 days
Automated warnings of pre-noncompliance (proactively remaining compliant)
Modernized processes that catch more recoveries
Custom technology that proactively prevents errors like duplicate payments
By incorporating proactive solutions, FlexTecs has uncovered areas of opportunity for clients and empowered them to prevent financial leakage before it ever occurs.
Historical reviews are still a key component of an organization’s financial health, but pairing them with evolved processes like acceleration and prevention elevates your organization to thrive in today’s rapidly-changing environment.
FlexTecs has helped some of the world’s largest retailers transform the way they do business, and they are on a mission to help all businesses achieve the same outcome.
Disrupting the recovery audit industry through flexible technology is how FlexTecs enables businesses to overcome their challenges, shift from a reactive to a proactive approach, and optimize their processes across the enterprise to catch, correct, and prevent.
To learn more about how you can incorporate modern processes to proactively prevent financial leakage, download our eBook: The Evolution of Recovery Auditing.