Helping a nationally recognized health system comply with their Corporate Integrity Agreement (CIA).
Managing thousands of contracts with varying obligations and terms is a daunting undertaking for a health system, often times involving the procurement, contract, legal, compliance, privacy and information technology departments. In response to a CIA, this health system needed to quickly identify renewal terms within 10,000+ contracts.
Solution and Impact:
PHIflow’s artificial Intelligence (AI) contract analytics platform was quickly trained to identify, extract and analyze varying renewal terms including automatic renewal and evergreen clauses. The 10,000+ contracts across 20+ different agreement types were analyzed within 30 days and the health system’s contracts team confirmed a 99.9% accuracy rate.
Cost savings: 236%
Time savings: 86%
AI Accuracy Rate: 99.9%
PHIflow’s contract analytics platforms leverage artificial intelligence (AI) to accelerate contract review processes for healthcare organizations.