"Right now, if an item has a barcode, health systems use a three-way match, Akintolayo, the company's CTO, said, which connects a purchase to an invoice. But a lot of the time, health systems have purchases and contracts (such as maintenance, janitorial, translation services, or laundry) that lack bar codes or easily identifiable purchase receipts. Because these types of purchases can often be tricky and complex to manage, overspending is quite common."
"SpendRule is a technology that ensures hospitals pay only what was negotiated in their contracts. It is integrated with and operates on top of a hospital system's current enterprise resource planning software, contract management software, and accounts payable workflows, pulling information from contracts, invoices, internal databases, and vendor data to validate invoices before payment is released. It flags discrepancies and tells teams when to pay and when not to."
Chris Heckler and Joseph Akintolayo founded SpendRule after exiting previous companies and waiting out non-competes. SpendRule is an AI-powered platform that helps healthcare systems track and validate spending, focusing on non-barcode purchases and contract-based services that lack clear receipts. The platform integrates with existing ERP, contract management, and accounts payable systems, pulling data from contracts, invoices, internal databases, and vendor records to validate invoices before payment. SpendRule flags discrepancies, advises teams on when to pay, and aims to reduce overspending that hospitals typically address through external auditors. The company launched publicly with $2 million in seed funding from venture investors.
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