Premier contracts, aggregation opportunities and spend management technology help Mount Sinai Medical Center reduce supply expense per adjusted admission by 7 percent
CHARLOTTE, N.C.--(BUSINESS WIRE)-- Mount Sinai Medical Center of Miami Beach, South Florida’s largest private independent not-for-profit teaching hospital, saved $1.76 million in 2010 through its partnership with the Premier healthcare alliance.
The 966-bed teaching hospital uses Premier contracts, aggregation opportunities and data solutions to support its supply chain spend.
"Premier is a key ally. My strategy is to take absolute full advantage of every resource we have. Premier is obviously at the top of that list,” said Angel Pallin, associate vice president of finance and resource management at Mount Sinai, a Premier owner.
Last year, Mount Sinai’s adjusted admissions increased by 5.2 percent with growth in open heart surgery and acuity. However, its supply chain spend decreased by 2.2 percent, reducing supply expense per adjusted admission by 7 percent for the savings of $1.76 million.
“With all that’s going on, we still lowered our supply expenses. We’re thrilled and Premier is an integral part of that,” Pallin said. “We want to maximize the Premier resource. We will continue to walk the path alongside Premier to get all we can out of the relationship because pricing will take you only so far today.”
Three years ago when Pallin began managing Mount Sinai’s supply chain, he started taking full advantage of Premier contracts and aggregation opportunities with Baptist Health South Florida and Memorial Healthcare System, which along with Mount Sinai make up Premier’s South Florida Regional Collaborative. Premier also helped Mount Sinai affiliate with the Yankee Alliance for additional aggregation opportunities with its more than 50 acute care hospital members.
Premier’s spend management technology in its SpendAdvisor®MySpend™ decision support tool further supports Mount Sinai’s savings efforts. “We saw right off the bat that it had great potential,” said Pallin. “One of our first initiatives was tier optimization, contract activation and product conversions. We continue to rely on it today. Our contract manager just became a member of a national group to help with future MySpend development. We’re really excited about that fact.”
Premier’s field specialists also support Mount Sinai. “They are critical to all of our analyses,” Pallin said. The specialists have helped the hospital with contract negotiations in orthopedic implants and IV infusion pumps.
Mount Sinai recently joined the more than 1,000 providers in Premier’s Pharmacy auto-sub program for additional savings opportunities. The program automatically substitutes a select formulary of more than 350 generic pharmaceuticals for any equivalent items inadvertently ordered, providing at least a 10 percent discount on already competitively based prices. Projected savings for the program this year are close to $40 million.
About Mount Sinai Medical Center
Founded in 1949, Mount Sinai Medical Center is South Florida’s largest private independent not-for-profit teaching hospital. Its centers of excellence combine technology, research and academics to provide innovative, comprehensive care in cardiology, neurology/neurosurgery, oncology and orthopaedics. One of only six statutory teaching hospitals in Florida, Mount Sinai is continually ranked among the best hospitals in America by U.S. News & World Report. The Mount Sinai Heart Institute, a partnership with New York’s Ivy League Columbia University, offers patients the best cardiac surgical outcomes in Florida. www.msmc.com
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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