mSource® offers cognitive insights and actionable recommendations for purchasing and supply chain teams.
GUILFORD, Conn. and WALNUT CREEK, Calif., Aug. 14, 2019 /PRNewswire-PRWeb/ — Medpricer, the leading purchased services cost management solution for the healthcare industry, today introduced mSource® Insights, its latest spend analytics and reporting tool. It comes equipped with Medpricer’s Predictive Plan, which leverages insights to help supply chains build actionable project plans around their spend on clinical and non-clinical spend categories.
mSource® Insights provides customers with the valuable intelligence needed to truly understand spend patterns based on their organization’s transactions. It also offers recommendations that supply chain and purchasing teams can quickly act on to access optimal savings. mSource® Insights can:
Spend Expiration Alerts
To help stay on top of contract expirations, this feature visualizes a customer’s entire contract landscape each month. Alerts can be filtered by facility or spend thresholds and by expiration date. This enables healthcare organizations to better plan sourcing work and contract alignment efforts.
Outline Recurring Charges and Visualize Spend Changes
This uncovers unwarranted repeating charges that can slip between the cracks when autopayment is setup with suppliers. By cross referencing contracts with AP spend, customers can see their itemized spend totals by supplier and facility to better identify areas of savings.
Additionally, customers are alerted to any signiﬁcant ﬂuctuations in payments so any large spend swings can be addressed before issues arise. Because outsourced services spend increases can vary by season or volume of services provided, mSource® Insights considers the cost differential over a set time range, so customers can see how their spend fluctuates with a given supplier.
“Finding and addressing recurring payments is a large opportunity for most organizations,” said Jon Ellsworth, Director of Strategic Sourcing at Banner Health, a current Medpricer customer. “All too often these types of agreements are put in place and then forgotten. Medpricer’s Recurring Payments dashboard illuminates these payments so we can see which categories might offer quick savings opportunities or prompt an internal discussion about our payment models.”
Offer Spend Consolidation Recommendations
This feature reports spend by facility, discovers opportunities to group a supplier’s services to access more savings and recommends unique suppliers to consolidate services to better meet spending goals. It can also detect rogue spend within a healthcare network.
Align Contracts by Expiration Date in Specified Categories
Customers can use this to sync upcoming expirations with longer term peer contracts. Additionally, opportunities can be identified for large-scale RFPs, outlining major cost savings potential. By illuminating contract alignment opportunities, supply chain and purchasing teams can better support spend consolidation efforts.
“With the launch of mSource® Insights, Medpricer is continuing to improve the ways in which organizations can identify and access purchased services savings,” said Medpricer CEO Chris Gormley. “The ability to analyze contract lifecycles and discover new supplier opportunities helps our customers improve their sourcing efficiency and meet their financial goals.”