Cotiviti Retail Introduces Groundbreaking Technology Solution to Prevent Margin Loss and Improve Recovery Audits
New Zero Hour Alerts™ solution delivers preventive alerts to retailers to avoid overpayments and missing funds
Cotiviti Retail, an industry leader in recovery audit and contract compliance for retailers and other industries, introduced a novel technology solution that alerts retailers to potential margin loss prior to payment, which can prevent a costly and lengthy postpay audit recovery process. The cloud-based Zero Hour Alerts™ platform delivers alerts to retailers enabling them to monitor, prioritize, and proactively resolve payment accuracy issues, often prior to transaction and funding events. This enables the retail industry to shift forward 30–70% of current postpay audit recoveries to prevention and accelerated issue resolution within a 90-day window.
“Retailers know that the traditional approach to recouping lost profit is costly and frustrating, often stretching over several years while involving multiple parties,” said Jordan Bazinsky, executive vice president of operations, Cotiviti. “Zero Hour Alerts™ is Cotiviti’s answer to the most difficult challenge in retail payment accuracy: preventing margin loss prior to a transaction or event. With our robust library of proven audit rules and concepts, which we’ve built from more than 40 years’ experience in delivering recovery audit solutions to retailers, our technology delivers true error prevention to retailers, enabling them to save valuable capital to invest in growth.”
.@Cotiviti Retail introduces Zero Hour Alerts™, a novel technology solution that alerts retailers to potential margin loss prior to payment, which can prevent a costly and lengthy postpay audit recovery process
By ingesting relevant retailer datasets and processing that data through a proprietary engine, Zero Hour Alerts™ surfaces business decision insights tailored to unique retailer configurations. Visualizations available via an alerts dashboard help to focus internal resources on the most impactful issues by prioritizing high-value errors, issues closest to transaction, and events involving strategic third-party suppliers. Merchandise and finance teams can use alerts to prioritize prevention efforts without sacrificing productivity.
For one of the ten largest retailers in the United States, the solution has delivered alerts resulting in $23 million in annual average value, which were tied to more than 25 percent of audit recoveries in the first year post-implementation alone.