SpendMend Expands OCR Platform Capabilities to Drive Customer Value

GRAND RAPIDS, Mich., March 11, 2021 (Newswire.com) - SpendMend, the leading provider of tech-enabled solutions to optimize the cost-cycle for the healthcare industry, today announced a solution-wide rollout of an enhanced proprietary OCR platform to drive expanded functionality for all SpendMend solutions.

SpendMend works with over 100 large U.S. Health Systems, including over 75% of the Top 50 Systems in the country. The total customer population is comprised of over 2,700 individual locations including facilities, hospitals, clinics and more. The newly expanded OCR capabilities will deliver significant and immediate value to nearly every individual location served by a SpendMend solution.

"The development of our upgraded platform has been underway for the past year," states SpendMend CIO, Jeremy Toth. "I couldn't be prouder of this offering; we are delivering functionality that is simply not available anywhere else in the industry. Every one of our current and future clients will see a magnitude of benefits and improvements based on the manner in which our system can find, sort and process otherwise unseen data."

Among the improvements on the enhanced platform are:

• Enhanced text-read from all (physical or electronic) file types and processes.
• Expanded monitoring of emails, attachments, files, and more - with automatic ingestion of new objects.
• Intelligent classification & extraction engines - with intelligent flexibility to integrate with diverse third-party systems and databases.
• Improved search into enterprise content management systems. 
• Advanced "Sound Like" and "Near Match" functionality on all (physical or electronic) file types in near and remote locations.
• Sophisticated Robotic Process Automation (RPA) with client-provided accounts.
• Intelligent, on-going vendor classification, communication, and rationalization.
• Automated interaction with other software & websites - with advanced decisioning capabilities. 

The value delivered as a direct result of the expanded OCR capabilities is extensive. SpendMend has observed hard dollar gains in the beta testing period with multiple client accounts across five separate solutions, including: Profit Recovery, Medical Device Warranty Explant Auditing and Tracking, Pharmacy 340B Compliance and Spend Optimization.

The SpendMend OCR platform enhancements are immediately available for all current clients with no limitations or restrictions.

Source: SpendMend