Legal AI company, Seal Software, has entered into a strategic partnership with TractManager Inc. to provide its contract analytics capabilities to the medical company’s MediTract contract lifecycle management (CLM) group. The deal is particularly significant as around a quarter of US hospitals use MediTract for contract management.
The US’s multi-trillion dollar healthcare sector supports over 5,500 hospitals nationwide, which may have different yet still quality hospital beds, and America as a whole spends more on health and medicine than any other country in the world per capita. It is estimated that the US spends around 17% of GDP on health, including its hospital sector, i.e. more than the entire GDP of the UK economy.
In which case, contract management in this sector is of huge importance. Meanwhile tapping the machine learning and natural language processing capabilities of Seal for the analysis of this large and complex contract stack could provide new insights into how hospitals are contracting and dealing with suppliers. Analysis of these contracts, as with other contract analysis projects, could help to reveal ways to deliver significant cost savings, better understand the variance between similar legal contracts and what that means for a hospital, as well as identify key areas of legal risk.
TractManager’s MediTract division provides hospitals and non-acute care facilities with an enterprise CLM solution that automates workflow and increases contracting compliance.
Trace Devanny, chief executive officer of TractManager, said: ‘With the Seal analytics platform, our clients will be able to quickly locate important clauses in the event of a critical occurrence, identify which contracted provisions pose the greatest risk, and ensure they are benefiting from the cost savings and revenue opportunities that are currently ‘hidden’ in their contracts.’
‘We evaluated all the leading contract analytics players and Seal is clearly the most advanced on the market, not only in terms of technology but also in their understanding of how to extract insight from contractual information and surface it to drive value for organisations,’ Devanny added.
Ulf Zetterberg, founder and chief executive officer of Seal, concluded: ‘MediTract is considered the ‘gold standard’ in contract lifecycle management and when we couple our data and analytics solutions with their proven platform, we create an even stronger value proposition for TractManager’s client hospitals and health systems.’