Walnut Creek, CA (January, 26 2024) — Conductiv, a leading third-party spend optimization solutions provider and consolidated subsidiary of Premier, Inc. (NASDAQ: PINC), today introduced Contract Explorer, an artificial intelligence (AI) powered contract tool designed to streamline healthcare supply chain contract management and make agreements easier to understand and simpler to navigate.
Organizations can upload 25 contracts to Contract Explorer at no cost. Once supply chain leaders upload contracts to the tool, this technology automatically captures and summarizes vital information such as contract terms, legal specifics, end dates, services and renewal terms. This data undergoes rigorous review by Conductiv's labeling team, individuals who have extensive sourcing expertise.
Additionally, AI tools scan the contracts to extract detailed summaries and statements of work (SOWs), saving time normally spent reading lengthy contracts. With this new tool, healthcare supply chain directors can collaborate with Conductiv to swiftly access actionable insights. This efficient process allows for quick contract reviews, comparison of service providers and informed decision making for both new contracts and renewals.
“Contract Explorer allows healthcare organizations to conduct a free text search of all contracts, similar to a Google search, providing visibility into key contract terms and summarized SOW details,” said Mickey Meehan, Group Vice President and General Manager, Conductiv. “If they need to find specific terms, clauses or words across all their contractual agreements, they can now easily do that. This process should enable healthcare organizations to understand the contract scope more quickly, figure out the action they need to take and then go and do it.”
About Conductiv
Conductiv® empowers supply chains to optimize their third-party services. As the only end-to-end third-party lifecycle improvement company, Conductiv® shares its strategic sourcing expertise and category best practices with multiple industries including healthcare, hospitality, government, real estate, transportation and education. The company has led more than 700 bids for more than 120 organizations, exceeding $4 billion in contracted value. Member projects have generated $800 million of documented savings or an average savings value of 24% to date. To learn how supply chains are transforming their savings strategy, visit Conductiv.com.
About Premier, Inc.
Premier, Inc. (NASDAQ: PINC) is a leading healthcare improvement company, uniting an alliance of more than 4,350 U.S. hospitals and health systems and approximately 300,000 other providers to transform healthcare. With integrated data and analytics, collaboratives, supply chain solutions, consulting and other services, Premier enables better care and outcomes at a lower cost. Premier plays a critical role in the rapidly evolving healthcare industry, collaborating with members to co-develop long-term innovations that reinvent and improve the way care is delivered to patients nationwide. Headquartered in Charlotte, N.C., Premier is passionate about transforming American healthcare. Please visit Premier’s news and investor sites on www.premierinc.com; as well as Twitter, Facebook, LinkedIn, YouTube, Instagram and Premier’s blog for more information about the company.
