save_post equivalent when saving a field

I have a custom ‘save_post’ action defined in my functions.php which checks the value of a certain post_meta field and based on that value, updates a different post_meta field. This works all nice and happy.
I am using editable_post_meta() for the post_meta field that needs to be checked. Obviously, when just this one field is saved, it doesn’t trigger the ‘save_post’ action… I’m not saving the whole post, just this field.
Is there a way to trigger a wordpress action or php function when just that field is saved? Is there a custom action (‘save_meta’) or something that I can do that will be triggered when this field is updated?
Thanks.

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