Cotiviti Retail

Find and prevent losses while improving supplier relationships

Merchandise Payables

Pharmacy

Freight

Activations

Expense Payables

Statements

Contract Compliance

Too often, audits, contract reviews, and recovery efforts focus on one aspect of a retailer’s operations without considering how the business works as a whole. Cotiviti Retail works smarter and digs deeper, looking at a business from all angles to find sources of profit in unexpected places. Finding something new—an error in payment, deviation from an agreement, or other undiscovered bit of insight that benefits the client—is what excites us.

Cotiviti Retail delivers exceptional results, working closely with our clients to understand and achieve their objectives. Top retailers across the United States, Canada, United Kingdom, Europe, and Latin America partner with us because of our collaborative spirit, innovation, and dedication to quality.

$550M

recovered annually

8

of the top 10 retailers are clients

>10

-year relationship with nearly 80 percent of clients

97

percent satisfaction rate 

40

years in business

Across retail, the potential for additional profit lies hidden

The retail business is an incredibly complex web of contracts, service agreements, purchases and promotions, pricing across online and offline channels, and relationships with suppliers and vendors. Thousands of touchpoints and millions of transactions occur, each one with the potential to impact profit. In an environment of intense price pressure and razor-thin margins, there’s no room for error.

 

CHALLENGE
HOW COTIVITI HELPS

Unlocking value hidden in data

  • Highly efficient data-mining techniques
  • Proprietary software technologies and algorithms
  • Cultivation of extensive transaction databases

Finding financial leakage across the source-to-pay process

  • Understanding of each retailer’s unique procurement and promotional profile
  • Auditing for over-payments and under-deductions
  • Recovery of lost profits, improving cash flow
  • Prevention strategy built on root cause analysis and audit insights

Increasing efficiency, driving down costs, and maximizing profitability

  • Real-time insight into performance from audit findings
  • Understanding of best practices across the source-to-pay continuum
  • Discovery of trends, both macro and micro
  • Benchmarking against industry peers

Goods for resale

Cotiviti Retail audits purchases and payments related to merchandise inventories. We develop and prioritize an audit program to ensure value negotiated is value delivered, recommending actionable process improvements that help our clients improve the way they do business and mitigate financial loss from overpayments and under-deductions.

Merchandise Payables

Numerous interrelated interactions form the core of a business—supplier agreements, purchase orders, manufacturer givebacks, advertising support, merchandise returns, and promotion timing, to name a few. Cotiviti Retail carefully scrutinizes every aspect of these complex data streams, employing innovative best practices developed over decades of experience with the retail industry. We examine every bit of data to uncover patterns and incongruities, the subtle links of cause and effect that ripple throughout operations.

Pharmacy

The management of pharmaceutical procurement and sales adds a layer of complexity and regulatory risk to operations. Business must safeguard, properly track, and document the movement of these products, carefully handling returns, recalls, and, when necessary, destruction or disposal. Cotiviti Retail specialists are intimately familiar with this part of the business and its susceptibility to price fluctuations.

Freight

In the fast-paced retail industry, ensuring that merchandise moves efficiently, arrives on time, and is undamaged is a critical business requirement. Cotiviti Retail experts use proven methods to audit the movement of goods throughout the supply chain. And they ensure compliance with published guidelines for use of approved carriers, charges, and delivery schedules, building a defensible case for recovery if agreement deviations occur.

Activations

Sales of merchandise that depend on a third-party service component, such as cell phones, have a unique place in the retail environment. Cotiviti Retail has deep expertise in this complex ecosystem of specialty suppliers and the particular nature of activation-based commissions. This experience enables us to recover lost profits and clarify potential contract ambiguities, resulting in reduced future errors.

Statements

A Cotiviti Retail statement audit works to ensure retailers 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 specialized team steps in to review and cross-check supplier and vendor statements, with the ability to reliably detect variances that can produce corrections in your favor.

Goods not for resale

The logistics of running a business involve an array of relationships separate from the supply chain yet equally complex. Everything from building maintenance to office supplies is governed by a contractual obligation with a service provider or vendor. 

Cotiviti Retail works closely with clients to understand the specificity of their businesses. We audit purchases and payments related to this indirect spend in the areas necessary for retail operations to run. This includes IT; business process outsourcing; facilities; warehousing, distribution, and logistics; store supplies; marketing, advertising, and communications; real estate; and more. These spend categories can add up to 25 percent of a retailer’s operating costs, leaving plenty of room for errors that impact the bottom line.

Expense Payables

Duplicate payments, overpayments, payments to incorrect vendors, and missed discounts are all possible when organizations process millions of payments every year. We use distinct audit methodologies and investments in proprietary technology, data mining, and analytics to uncover these errors that may otherwise go unnoticed.

Contract Compliance

Our audits focus on the terms, conditions, and intent of a contract, comparing them against the delivered goods or services to ensure our client has received what they negotiated. When executing Contract Compliance audits, we identify compliance shortfalls, surface corresponding payment errors, highlight contract issues, and identify risk by analyzing the root source of key cost, pricing, and profit elements within the contract and supporting payment documentation. Equally important, we protect and maintain critical business relationships and make insightful and accurate process improvement recommendations that mitigate future financial losses.

Statements

A Cotiviti Retail statement audit works to ensure retailers 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 specialized team steps in to review and cross-check supplier and vendor statements, with the ability to reliably detect variances that can produce corrections in your favor.

What Cotiviti Retail is known for

 

  • Listening: understanding your objectives
  • Collaboration: working diligently alongside you to achieve your goals
  • Innovation: bringing proactive thinking to complex issues
  • Commitment to measurable results: delivering positive business outcomes
  • Drive to exceed expectations: stepping up to do what’s right

Cotiviti Retail Connect

Cotiviti Retail Connect can manage and track the status of clients' recovery audits, generate reports, and analyze data.
 

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Audit Link

Audit Link allows Cotiviti Retail clients’ vendors and suppliers to collaborate with the audit team by viewing and approving their audit recovery claims.

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