SpendMend Announces Latest Version Release of Medical Device Warranty Tracking Software

GRAND RAPIDS, Mich., May 15, 2024 (Newswire.com) - SpendMend, a leading provider of solutions to optimize the cost cycle for the healthcare industry, is thrilled to unveil the latest release of its Medical Device Warranty Tracking Software version 3.0. This update represents a significant advancement in healthcare administration, featuring enhanced efficiency and streamlined workflows to empower healthcare professionals.

SpendMend Medical Device Warranty Tracking Software provides a comprehensive solution for hospitals to automate in-depth reviews of warranty credits for explanted medical devices, helping organizations avoid costly fines, penalties, and issues related to Medicare Fraud. The latest version features an advanced Optical Character Recognition (OCR) system, now enhanced with cutting-edge AI capabilities, including deep learning and neural networks. These improvements ensure an unprecedented 99.5% accuracy rate in data extraction, transforming document handling with unparalleled precision and reliability.

Key improvements in SpendMend's Medical Device Warranty Tracking Software version release include:

• Leveraging New AI Technology: Through the integration of cutting-edge AI technology, the software automates tasks and intelligently processes data, further enhancing efficiency and accuracy in warranty tracking processes.
• Reduced User Time Per Procedure: By integrating advanced OCR technology, the software significantly reduces user time per procedure, allowing healthcare professionals to optimize their workflows and dedicate more time to patient care.
• Simplified Data Input: The software has transitioned from requiring multiple fields to simply requesting two or three fields along with document uploads. This streamlined approach enhances user experience and eliminates unnecessary complexities.

"In this version release, we've embraced the transformative potential of generative AI to elevate the capabilities of our OCR technology," said Jeremy Toth, Chief Technology Officer at SpendMend. "Our software now goes beyond simple text recognition; it intelligently interprets and processes complex document structures, which greatly improves workflow efficiency and reduces the administrative load on healthcare professionals."

SpendMend remains dedicated to driving innovation in the healthcare industry, and the version release of the Medical Device Warranty Tracking Software exemplifies this commitment. Theresa Truitt Supply Chain Manager at University of Rochester had this to say, “I love the new upgrade. I loved the software before as it got rid of my logbooks and spreadsheets, but this is 100% better.” 

The new version is currently in production at healthcare system clients across the country and ready for general availability. 

About SpendMend: 

SpendMend is a leading provider of tech-enabled, cost-saving solutions in the healthcare industry. Combining the use of data, proprietary technology, and rigorous analytics with its healthcare focus and expertise, SpendMend partners with healthcare networks to expose dark data to improve and optimize their costs in meaningful and collaborative ways. SpendMend’s mission is to help its clients improve their patient care through innovative cost-saving solutions.

For media inquiries, please contact:

Kylee Savage

Communications Manager

SpendMend

ksavage@spendmend.com

Source: SpendMend