CHARLOTTE, N.C.--(BUSINESS WIRE)-- Baptist Health South Florida of Coral Gables, Fla., has saved more than $5 million using the Premier healthcare alliance’s spend management tool.
With supply expenses at $238 million, Baptist Health began using SpendAdvisor®MySpend™ in May 2009 to analyze its supply spend and compare it to like organizations to find savings opportunities. The decision was timely given the upcoming cuts to reimbursements attributed to reform and the economy.
"MySpend has been an invaluable tool for our supply chain team as we focus on lowering our supply costs in anticipation of looming healthcare reform,” said Frank Fernandez, assistant vice president of supply chain services at Baptist Health.
Baptist Health’s supply chain contracting team used MySpend’s price benchmarking data to formulate strategies that locally negotiate contracts for physician preference items, yielding savings of $5.25 million over the term of agreements.
“The tool has allowed us to institute a formal, ongoing, evidence-based, data-driven process to systematically and proactively analyze our supply expenses and drive costs down for our organization,” continued Fernandez.
In addition, MySpend identified more than $260,000 in potential “tier optimization” savings for Baptist Health.
With bimonthly leadership team meetings including the assistant vice president of supply chain, contracting management, buyers, and contract analysts as well as a Premier region director, the team developed formal processes for analyzing and acting on information derived from MySpend.
The team now meets monthly to review findings, and formal “tier optimization” processes have been established. Conversion opportunities are the next target and will be analyzed at the first available opportunity to convert. Baptist Health follows pricing agreements and contracts to term.
A demonstration of MySpend will be provided at Premier’s booth during the Association for Healthcare Resource & Materials Management conference in Boston on August 7-10, 2011.
About Baptist Health South Florida
Baptist Health South Florida is the largest faith-based, not-for-profit healthcare organization in the region. Its service network extends throughout Miami-Dade, Broward and Monroe counties with Baptist, Baptist Children's, South Miami, Homestead, Mariners and Doctors hospitals, the Baptist Cardiac & Vascular Institute and West Kendall Baptist Hospital. Baptist Outpatient Services include diagnostic, urgent care and surgical facilities as well as home healthcare. The International Center of Miami is one of the nation’s largest hospital-based international programs. www.baptisthealth.net.
About the Premier healthcare alliance, Malcolm Baldrige National Quality Award recipient
Premier is a performance improvement alliance of more than 2,500 U.S. hospitals and 75,000-plus other healthcare sites using the power of collaboration to lead the transformation to high quality, cost-effective care. Owned by hospitals, health systems and other providers, Premier maintains the nation's most comprehensive repository of clinical, financial and outcomes information and operates a leading healthcare purchasing network. A world leader in helping deliver measurable improvements in care, Premier has worked with the Centers for Medicare & Medicaid Services and the United Kingdom's National Health Service North West to improve hospital performance. Headquartered in Charlotte, N.C., Premier also has an office in Washington. http://www.premierinc.com. Stay connected with Premier on Facebook, Twitter and YouTube.
CONTACT:
Premier healthcare alliance
Alven Weil, 704-816-5797
[email protected]
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