Medpricer Introduces Artificial Intelligence to its Purchased Services Platform

mSource® integrates AI to intelligently classify and recommend purchased services categories to healthcare clients in order to find ultimate savings potential

May 21, 2018 – Guilford, CT – Medpricer, the leading purchased services cost management solution for the healthcare industry, announces today that it has integrated artificial intelligence (AI) into mSource®, the company’s purchased services platform. As the first AI-backed platform for the healthcare supply chain, mSource now intelligently classifies and recommends categories using Medpricer’s proprietary machine learning algorithm. Added benefits enable Medpricer customers to:

Access Simpler, Robust Analytics

With this update, mSource’s Analytics introduces AI-powered Discovery, a feature that automatically categorizes spend in AP files and learns to better classify them over time. Traditionally purchased services have been difficult to understand and categorize given the local and regional nature of the suppliers. Medpricer’s proprietary spend management software is the first purchased services technology in the industry to introduce machine learning to increase the speed and accuracy of spend analysis. As a result, customers may now upload AP files directly to mSource and easily classify spend in a matter of minutes.

Discover Important Contract Expirations & Eliminate Rogue Spending

Medpricer’s mSource software has become the first purchased services lifecycle management solution to marry contract expiration to vendor spend. This feature gives customers the ability to quickly and easily assess contracts by spend in relation to upcoming renewal deadlines. Furthermore, this functionality allows hospitals to easily spot and correct rogue, off-contract spending to better improve contract compliance.

“With this AI integration, mSource learns from each user’s data. Machine learning equips our software with the ability to aggregate trends across healthcare providers,” explains Medpricer CTO Anton Vishnyak. “This, combined with the broader contract features, enables Medpricer to deliver the most timely and accurate sourcing insights, ultimately arming clients with the services needed to offer quality patient care at prices that won’t break their budgets.”

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