Introducing PINC AI – Premier’s new tech and services brand
Premier Inc. (NASDAQ: PINC), a leading healthcare improvement company, today announced that it is branding its comprehensive technology and services platform “PINC AI,” effective immediately.
The name PINC AI was selected to honor the brand’s roots within Premier, while also highlighting the company’s planned development and expansion of AI and other cutting-edge technologies across the platform. The PINC AI platform now includes Premier’s benchmarking, analytics, reporting and clinical technologies. Combined, this technology backbone includes 20 years’ worth of cost, quality and operational data points gleaned from more than 45 percent of U.S. hospital discharges, as well as 812 million hospital outpatient and clinic encounters and 131 million physician office visits. With one of the largest healthcare datasets in the industry, PINC AI provides actionable intelligence that improves outcomes, supports improved financial performance and enables success in new, alternative payment models.
“Naming our technology and services platform PINC AI reflects our strategy to provide comprehensive solutions, leveraging innovative technologies and embedded services to drive better, smarter healthcare,” said Michael J. Alkire, President and CEO of Premier. “With PINC AI, we are creating a single identity with a single message that we believe makes our value proposition much clearer for our members and other stakeholders. PINC AI clarifies the way all our technologies work together seamlessly to address market challenges, including quality and cost of care. PINC AI also will support a consolidated commercial model for our Performance Services businesses, enabling us to go to market as a leading solutions provider for optimized performance and accelerated innovation in healthcare.”
PINC AI offerings help optimize performance in three main areas using advanced analytics to identify improvement opportunities, consulting services for clinical and operational design, and workflow solutions to hardwire sustainable change.
- Clinical intelligence solutions include current analytics, real-time clinical surveillance, AI-enabled clinical decision support, and performance improvement consulting and collaboratives designed to improve the quality, safety and overall outcomes delivered to patients. The company expects to extend this suite of solutions into adjacent markets by automating administrative tasks, such as documentation and coding support and prior authorization reviews, to enhance value for providers and payers. Also included is Premier Applied Sciences for the development of research, real-world evidence and clinical trials innovation for medical device, diagnostic and pharmaceutical companies.
- Margin improvement solutions include current analytics, workforce management, integrated financial reporting, enterprise resource planning and consulting services to help lower total costs and improve provider operating margins by finding and eliminating unnecessary healthcare spend and inefficient tasks.
- Value-based care solutions include current analytics, benchmarking, physician enterprise technologies, consulting and collaboratives to help health systems implement effective models of care and succeed in new, value-based payment arrangements.
PINC AI is also the data and technology engine powering Contigo Health, which connects technology-enabled, high-value provider networks to employer-sponsored health plans and Remitra, our cloud-based solution to automate invoicing and payables between providers and suppliers.
“With a leading network of more than 4,100 U.S. hospital and health systems and approximately 200,000 other organizations, we believe PINC AI accelerates ingenuity and has the potential to be a large-scale innovation catalyst in healthcare,” said Leigh Anderson, President of Performance Services. “While our use of AI is currently limited to our clinical intelligence offering, we plan to expand AI and other cutting-edge capabilities to more of our Performance Services solutions. In addition, through PINC AI, Premier expects to diversify its revenue streams by continuing to expand into adjacent markets. This includes working more closely with payers to automate administrative tasks; life sciences companies to accelerate evidence into action; employers to create technology-enabled, high-performing networks; and suppliers to automate procure-to-pay processes.”
The realigned structure of Premier’s Performance Services’ offerings is summarized in the chart below:
|Performance Services Segment Solutions|
|Fiscal 2022||Fiscal 2021|
|PINC AI||PREMIERCONNECT® and associated capabilities|
|PINC AI||Premier Applied Sciences|
|PINC AI||Consulting Services|
|PINC AI||Performance Improvement Collaboratives|
|PINC AI||Insurance Management Services|
|Contigo Health||Contigo Health – Direct to Employer Initiative|
|Remitra||Remitra – Electronic Invoicing and Payables Platform|
Matters discussed in this release that are not statements of historical or current facts, such as our ability to develop and expand our AI-based product offerings, long-term strategy and diversification of revenue streams are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Premier to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on any forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements in the conditional or future tenses or that include terms such as “believes,” “belief,” “expects,” “estimates,” “intends,” “anticipates” or “plans” to be uncertain and forward-looking. Forward-looking statements may include comments as to Premier’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside Premier’s control. More information on potential factors that could affect Premier’s financial results is included from time to time in the “Forward-Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Premier’s periodic and current filings with the SEC and available on Premier’s website at investors.premierinc.com. Forward-looking statements speak only as of the date they are made. Premier undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date.