Purchased Services Technology
Premier's technology makes purchased services more cost-effective.
Artificial Intelligence (AI)-Powered Insights for Every Contract
Premier's advanced purchased services technology streamlines the sourcing process for contracts and helps deliver realized savings.
Our platform provides comprehensive and customizable solutions to manage the third-party procurement lifecycle. Using AI and machine learning, our analytics allow users to gain transparency into purchased service contracts, identify savings opportunities and optimize resources to achieve financial health.
This is accomplished with the four aspects of Premier's purchased services technology.
Utilize the power of AI to categorize purchased services spend with speed and accuracy. Your team can personalize how to group, measure and report on spend performance. That means your entire supply chain – whether centralized or decentralized - gains full transparency into your service provider agreements. You can:
- Identify your top categories for savings
- Chart your path to success with our custom Sourcing Roadmap
- Improve your contracts with increased visibility
Uses AI and Optical Character Recognition (OCR) to abridge lengthy contract documents into concise, easy-to-understand and easily searchable files. It also:
- Expedites the contract review/consolidation process
- Aids in discovery of important clause to assist in contract management
- Ensures that quality is checked by individuals with real healthcare sourcing experience
- Simplifies and speed up the process of finding clauses, automated Scope of Work (SOW) and overall contract evolution with a history of every file that’s been uploaded
- Compares contract clauses against other contracts
Source contracts up to 40 percent more quickly. Build stakeholder consensus, automate request for proposal (RFPs) with customizable templates and conduct multi-round negotiations with suppliers via Negotiate powered by Hypercare.
Create bespoke Request for X (RFx) templates for purchased services contracting by using our RFP category scope build, pricing worksheets, RFI prequalification templates and utilization templates. All designed to help you move quickly from data discovery all the way through the sourcing process. Negotiate is a:
- Cloud-based sourcing tool
- Online, multi-round negotiation platform
- Location for centralized supplier interactions
Hypercare Support (Sourcing Process Experts)
Premier's Purchased Services Product Engagement team provides hands-on support for RFx events, including:
- Uploading and formatting RFx materials
- Standardizing documents
- Managing suppliers throughout the sourcing lifecycle
- Limited category subject matter expert (SME) support
- Branded proposal summaries with side-by-side comparisons
Your contracts are unique, but are they also competitive? See how your contracts compare to peer organizations by using reliable, data-driven market insights and price points. Pinpoint services spend and savings opportunities quickly before you begin an incumbent or competitive negotiation. This allows for:
- Precision benchmark reports
- AI contract text analysis
- Market overview reports
- RFP analysis
Integrated Health System in California Achieved 3x Incremental Savings
A top-rated healthcare provider in San Diego, CA, sought contract improvements in the waste management category.
- Their supply chain initially negotiated $400,000 in savings with the incumbent provider. Before awarding the contract, they realized the need to benchmark their contract terms to confirm they were getting the best price.
- After engaging Premier, the Precision Benchmark Report indicated that a conservative savings target of $800,000 was possible.
- Following the benchmark report, the customer leveraged Premier’s sourcing expertise to conduct a competitive bid using the Premier Negotiate platform. Ultimately, the customer achieved $1.2 million in savings with their incumbent provider.
Purchased services is one of healthcare’s most complex and least transparent spend categories. In this on-demand webinar, healthcare executives reveal how their organizations are using data, technology and benchmarking to drive smarter decisions, measurable savings and greater value across purchased services.
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Premier’s purchased services technology drives maximum savings, streamlines procurement and connects you to the best suppliers so you can focus on delivering exceptional care. Connect with our experts to get started.