Healthcare
Improve contract visibility and cut costs by extracting key contract clauses, and deliver insights with 90% accuracy
The client, a top US university hospital, spends a large amount of time reviewing contracts, comparing material contractual clauses, setting up manual alerts and notifications for key milestones, renewals etc. The client also lacked insights for improving vendor terms during negotiations, and ensuring they meet legal and commercial obligations agreed upon in the contract.
Use OCR to transform client PDF contracts to Docx and add to library. Enrich library with advanced web data extraction and classification. Lexicon Accumulation with NLP word segmentation and frequency analysis to update annotate text in library. Calculate correlation index and match contracts to predefined contract types, extract contract key clauses. Match keywords to text in library with matching algorithm. Use Fuzzy matching to further improve model accuracy. Extract relevant information from the contract for summarization, comparison, and automate alerts and notification contractual performance checkpoints.
