The contract mining tool enables customers to quickly extract supplier knowledge to mitigate third-party risk and negotiate better contract rates
April 18, 2019 – Guilford, CT/Walnut Creek, CA – Medpricer, the leading purchased services cost management solution for the healthcare industry, today announced the launch of mSource® AI Contract Text Analysis. This contract mining tool uses machine learning and natural language processing to extract deep knowledge of Medpricer customers’ supplier contracts, truly optimizing purchased services spend at record speed. It can analyze more than 50 documents in under a minute.
mSource® AI Contract Text Analysis enables customers to better view and ultimately understand the commitments across their purchased services contracts. Supply chain and purchased services teams can quickly extract everything from clauses to terms from their contract database, enabling them to unlock deeper insights that help their organizations negotiate better contract rates with stronger terms.
Additionally, the introduction of this tool gives its users access to:
- Creating and customizing search provisions to find the exact data needed quickly
- Identifying and mitigating third-party risks, highlighting opportunities within contracts
- Accessing supplier performance by pulling contracted key performance indicators (KPIs) and evaluating services provided within the contracted terms
- Proactively managing contracts based on renewal, change control terms, and avoiding potential price increases.
These key data points are encrypted and securely displayed via the mSource® platform. They can be instantly exported to share with supply chain and purchased services teams.
“We’re continuously looking for ways to improve the speed and accuracy of which our technology reviews and amends customer contracts,” said Medpricer Chief Customer Officer Mickey Meehan. “The addition of mSource® AI Contract Text Analysis to our arsenal gives customers the ability to easily and efficiently manage every aspect of their purchased services life cycle in one place – from contract analysis and spend insights to benchmarking and e-negotiations.”
For more information, please visit https://www.medpricer.com/msource-ai-contract-text-analysis/