Medpricer, a technology company that targets the medical and healthcare services with cost management solutions, is rolling out a spend analytics tool.
In a press release Wednesday (Aug. 14), Medpricer announced the launch of mSource Insights, a spend analytics solution designed to provide deeper insight into healthcare organizations’ spend on purchased services. The tool is designed to help supply chains in the healthcare industry to more strategically spend on both clinical and non-clinical services, the company noted, explaining that mSource Insights identifies spending patterns based on a business’s transactional data.
The solution provides alerts to managers when a contract is about to expire, and can provide insight into the lifecycle of a contract. It also identifies unwarranted recurring charges that may be on autopay and may go unnoticed within an organization, able to analyze those recurring transactions by integrating with accounts payable data.
Significant spikes in prices of recurring or repeat transactions are also highlighted, with Medpricer noting that “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.”
Further, the tool provides a business with options to group a range of services with a single supplier to streamline accounts payable and obtain potential discounts, as well as with the ability to align their various contracts based on expiration date to support spend consolidation.
“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 in a statement. “The ability to analyze contract lifecycles and discover new supplier opportunities helps our customers improve their sourcing efficiency and meet their financial goals.”