March 20, 2019 – Guilford, CT/Walnut Creek, CA – Medpricer, the leading purchased services cost management solution for the healthcare industry, announced today the launch of its mSource®Predictive Plan, a new analytics feature that redefines strategic planning for purchased services by giving customers the most complete insights. It gives purchased services teams the control to develop a customized purchasing roadmap and see it through to execution.
Using a proprietary AI-powered algorithm, mSource® Predictive Plan auto-classifies spend by category and determines savings estimates for the top 15 categories with the highest ROI potential. mSource® Predictive Plan considers customer contracts within the context of Medpricer’s purchasing database. Top opportunities are displayed by savings average, total savings value, and complexity to source – providing the end-user with more information on how to prioritize given savings initiatives. Spend files and contracts, coupled with Medpricer’s database trends, quickly provides directional values for your purchasing data – without the typical delays nor fees associated with consulting work.
By using predictive algorithms to determine a savings trajectory, customers can better assess opportunities and consider unique supplier or category challenges. Customers can refine their predicted estimates through an auto-mechanical analysis by blending database insights, AI classification and Medpricer’s sourcing analysts to evaluate a customer’s current state of contracts. mSource® Predictive Plan then populates an interactive roadmap that pinpoints savings targets and shares recommendations on sourcing strategies by category.
“The sheer volume of purchased services data can be overwhelming and time-consuming to process. By letting Medpricer and our AI do the detail-driven work for our customers, we can better prepare them to turn insights into action,” said Medpricer Chief Customer Officer Mickey Meehan. “The new levels of analysis and transparency that mSource® Predictive Plan offers enables users to develop a concrete project roadmap with reason and confidence.”
Additionally, users can view active savings initiatives side-by-side to monitor and track towards savings goals. mSource® Predictive Plan seamlessly integrates a customer’s active contract details and Medpricer’s knowledge base to:
- Track savings projections and YTD actuals
- Monitor and manage performance with an interactive display of open projects
- Prompt users to act by requesting a benchmark, sourcing a new contract, negotiating with the incumbent supplier or further enlisting Medpricer’s managed services to source contracts on a customer’s behalf; users can also archive projects or put them on hold
For more information or to request a demo of the mSource® Predictive Plan, please visit https://www.medpricer.com/msource-predictive-plan/.