Medpricer launches mSource Predictive Plan analytics feature
Purchased services cost management solution provider Medpricer launch mSource Predictive Plan, a new analytics feature that redefines strategic planning for purchased services by giving customers complete insights needed to develop a customized purchasing roadmap and see it through to execution.
“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.”
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 while considering 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, provides directional values for purchasing data without the delays and fees associated with some consulting work.
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. 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
