Medpricer, a purchased services cost management platform for healthcare providers, today unveiled the second generation of its mSource® analytics software with industry-leading functionality.

Having taken the client experience into account, it’s now easier than ever to evaluate purchased services spend by category.

Medpricer’s San Francisco-based engineering team developed customizable features within the analytics module and refreshed the user interface, further improving the overall usability and client experience.

The most valuable additions cited by customers include:

Customizable Terminology

While the mSource® analytics suite is designed to automatically categorize purchased services spend into Medpricer’s standard terminology, users can now merge and re-name default categories to fit their own in-house terminology. This powerful feature ensures seamless integration in an organization’s business process and continuity across inter-department stakeholders.

Improved Internal Communications and Supplier Quality Rating Capabilities

To improve collaboration between procurement teams and stakeholders, Medpricer has added a communications portal that gathers supplier quality ratings on purchased services providers. This enables the procurement function to gather qualitative feedback that may be used in consideration during the contract renewal process.

Category-Centric Data Analysis

Moving beyond individual contract analysis, users can now aggregate purchased services spend data using a category-centric approach. This gives supply chains transparency on purchasing activity across all suppliers within a category, simplifying the process to evaluate cost-savings initiatives that guide contract renewal and RFP strategies.

Best-in-industry Support and Guidance

Medpricer has amassed a database of market intelligence over the past 13 years that offers insights on purchased services spend across healthcare provider industry. The database is integrated with mSource® and it reveals a sourcing difficulty score to help users prioritize negotiation tasks within their savings strategy.

With its mSource® category-centric approach to contract analysis and its latest adaptive language capabilities, Medpricer delivers the best user-centric purchased services platform in the industry. Moreover, the ability to capture quality ratings on suppliers creates a feedback loop between supply chain and business unit stakeholders, ensuring that the quality and scope of services delivered are aligned with service level agreements.

“Medpricer’s core competencies lie within providing our clients with deep expertise for sourcing services and taking the guesswork out of determining what the industry standard is for spending within specific categories,” said Medpricer CEO Chris Gormley. “Our best-in-industry purchased services analytics and other customizable features make mSource a valuable technology for any size hospital. We enable clients to work more efficiently, saving healthcare facilities time and money.”

Further details about Medpricer’s mSource® Analytics Suite can be found at http://www.medpricer.com/msource-platform/.