December 13, 2018- Guilford, CT – Medpricer, the leading purchased services cost management solution for the healthcare industry, today announced it reached record revenues in 2018 driven by ARR subscription growth of more than 376%. Medpricer’s cost management platform, mSource®, has achieved 100% customer retention since its launch in 2016.
“The market has recognized the value of investments we have made over the past two years in new software and benchmarking solutions that help healthcare providers drive lower operating costs at a time of decreased reimbursement. At the same time, our customers are gaining higher supply chain staff productivity through automation,” said Chris Gormley, CEO Medpricer.
The company’s solutions help healthcare organizations understand their purchased services spend, develop sourcing plans and connect a healthcare organization’s supply chain to the most competitive suppliers, enabling them to improve the self-sourcing process and simplify RFP and contract management on one platform. Medpricer customers have saved a combined $700 million over the last decade, seeing an average of 24% in savings on purchased services contracts. Additionally, supply chains reduce the time to RFP by 40%, saving both time and resources invested in this process.
Additionally, this year Medpricer had record subscriber growth with new accounts like Scripps Health, Geisinger, and Texas Children’s Hospital leveraging Medpricer solutions to expand their purchased services programs. Medpricer gives their customers extended reach through benchmarking intelligence reports, sourcing automation software, and category expertise.
“Our 2019 product roadmap was developed to reflect the dynamic needs of our customer base,” said Chief Customer Officer Mickey Meehan. “We will continue to build customer satisfaction and earn retention by incorporating customer feedback and requirements into new product development plans while building in fundamentally new innovations.”