The supply chain industry is set to undergo a major shift on the technology front, and Medpricer is clearing the path by designing and developing solutions that will leverage AI to analyze healthcare spending and contracting data. “Existing supply chain management ERP systems still require users to spend substantial amounts of time performing manual labor to answer high impact questions. We believe that by using AI, we can add a 'thinking' layer to help answer high impact questions for users without the time and labor commitment,” said Gormley. For example, automated analysis of spend and contract text data allows healthcare organizations to answer high impact queries about supplier value and quality of delivery at medical centers. Medpricer’s mSource® platform enables its customers to save time and money by leveraging mSource® Predictive Plan, a roadmapping tool that provides the top 15 ranked savings opportunities, giving healthcare providers the ability to closely manage spend and suppliers. With less visibility, buyers are often bogged down by the amount of time required to understand supplier value propositions and whether suppliers are delivering on previous commitments. “We have tools that allow suppliers and their customers to better interact with one another to come up with better value propositions for each other. It is mainly communication of data across the supplier-customer boundary, which is very broken today in healthcare,” comments Gormley.
Most organizations face hurdles when attempting to measure the competitiveness of their contracts. Benchmarking services poses a unique challenge (compared to benchmarking products) due to the regional and service level unique nature of such agreements. With one of the largest bid and transactional datasets in purchased services, Medpricer can quickly and accurately determine competitive pricing and service level terms with Precision Benchmarks. With this information in hand, the company can further provide sourcing automation to help healthcare organizations achieve their contracting goals. Additionally, Medpricer allows its users to automate the bidding and management of suppliers efficiently. This empowers Medpricer’s customers to achieve their objectives while improving the service level terms and setting key performance indicators within their purchased services contracts.
Looking ahead, Medpricer has an aggressive development plan to incorporate more AI into its platform further reducing the need for labor to answer high impact questions, like which suppliers to select, are suppliers keeping their contractual commitments, and are we receiving a fair price? Medpricer’s mission is to empower healthcare organizations to gain the greatest value from their supply base with the least amount of labor. The company is at the same time looking to move into other industry segments where its solutions can be utilized, namely transportation, state and local government, education, hospitality industries. Non-healthcare organizations have the same need to gain control of their outsourced service contracts and have the same problems gaining visibility and understand whether they are receiving the best value for their contracts. “What I see us doing is growing our footprint within healthcare, while expanding into other industry segments using the information and tools we have started in healthcare,” concludes Gormley.
Intelligent Management of Supply Chains with AI-backed Analytical Platforms
Efficient and technology-backed management of the supply chain can lead to significant cost savings for enterprises in the healthcare sector.
FREMONT, CA: Medpricer, the leading technology and cost management solution provider for purchased services in the healthcare industry, announced the upgradation of its mSource® Analytics module. The new version will have improved features as the platform has been re-organized to enable more in-depth insights into various purchased services. By simplifying contract management, the company aims to make supply chains streamlined and better. It is also bound to impact the speed and accuracy of decision making by records transparent and actionable.