New York, NY Mar 17th: The Mount Sinai Health System today announced a collaboration with Midstream Health, an artificial intelligence (AI)-powered proactive financial action platform, to implement real-time intelligence that enhances financial operations and improves workflow efficiency, ensuring better services and care for patients.
Mount Sinai will first deploy the AI-driven platform within its supply chain system to prioritize and manage existing opportunities for cost savings efforts across the Health System, such as identifying potentially underreported and missing payments that are expected to result in a fivefold return on investment, resulting in returned money to reinvest in the system’s services and infrastructure.
“Mount Sinai purchases and tracks supplies, equipment, and services well in excess of $1 billion a year to provide seamless patient care and advance medicine, research, and education,” said Vincent Tammaro, Executive Vice President and Chief Financial Officer of the Mount Sinai Health System. “We recognize the value AI can bring as a supplement to our supply chain team, to ensure the pricing accuracy, efficiency, and value received from our contracting and purchasing processes. Receiving the full contract value of our rebates is an important component of managing supply expenses and mitigating the impact of rising inflation that contributes to health care unaffordability for our patients and communities.”
Midstream is purpose-built to enhance financial operations within large multilayered health care organizations such as the Mount Sinai Health System, which encompasses seven hospitals and more than 400 outpatient practices. The AI-powered platform pulls together fragmented, complex financial and contract data into a single source to create custom-built datasets to fill critical information gaps. After a comprehensive data foundation is established, domain-trained AI agents scan, flag, and prioritize cost-saving and margin opportunities, such as rebate discrepancies, pricing errors, payer underpayments, delayed payments, and denials. Mount Sinai will use the platform to more efficiently and quickly model outcomes, source documents, and continuously monitor and analyze operations strategies.
“Mount Sinai continues to leverage data assets in a more meaningful way to help drive thoughtful insights and better understanding of how we perform operationally, clinically, financially, and in support of our mission to optimize patient care, services, and performance,” said Lisa S. Stump, MS, FASHP, Executive Vice President and Chief Digital Information Officer of the Mount Sinai Health System and Dean for Information Technology of the Icahn School of Medicine at Mount Sinai.
Venkat Mocherla, Co-founder and President of Midstream Health, said, “We are honored to collaborate with Mount Sinai, an early Midstream adopter and recognized leader in using technology and innovation to transform health care. Focused on rapid value generation, this collaboration is a great example of how agentic AI can go beyond providing insights—accelerating time to savings and advancing financial sustainability to help address the health care affordability crisis.”
