Mount Sinai Health System is partnering with Midstream Health to deploy an AI-powered platform aimed at identifying cost-saving opportunities and improving financial operations.
The New York City-based health system said it will initially roll out the platform within its supply chain operations, where it manages more than $1 billion annually in purchases of supplies, equipment and services. The tool is designed to surface issues such as missing or underreported payments and could generate a fivefold return on investment, according to a March 17 news release.
The collaboration marks the first time a New York City health system has used Midstream Health’s financial action platform, which uses AI to analyze complex financial and contract data in real time.
Mount Sinai plans to use the technology to consolidate fragmented financial data, identify discrepancies and prioritize opportunities tied to rebates, pricing errors, payer underpayments and delayed payments. The health system said the platform will also support modeling outcomes and ongoing monitoring of financial strategies.
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