Solution suite achieves 3 to 5 percent reduction of total spend by automating traditionally manual, fragmented processes; increasing financial pressures signal imperative to embrace supply chain at C-suite level
MedAssets Introduces Procure-to-Pay Solutions to Address Industry Focus on Cost Reductions
<0> MedAssetsMedia Contact:Robin Wrinn, 678-624-7420orInvestor Contact:Robert Borchert, 678-248-8194 </0>
MedAssets (NASDAQ:MDAS) today announced that the market introduction of its will occur at the HFMA National Institute in Orlando, Fla., June 16-19, (Booth #1201). The end-to-end suite leverages MedAssets unique technology platform, proprietary data and analytics, and supply chain expertise designed to enhance the management and oversight of contract compliance, standardization and pricing accuracy.
“With all the financial pressures faced by healthcare organizations, the focus to optimize supply chain ‘back office’ processes must be embraced by the C-suite to improve cost reduction and efficiency,” said David Klumpe, senior vice president, Supply Chain Services, MedAssets. “MedAssets offers a simple path toward greater efficiencies and visibility into total spend and contract management to make all procurement functions a more optimized and strategic asset. By taking a holistic approach to automating processes that were manual or fragmented, providers are able to achieve significant savings on non-labor spend not only from accessing the right contracts, but paying the right prices – an important concept for purchased services spending as well as traditional consumable purchases.”
Today, more than 800 care providers use a combination of MedAssets Procure-to-Pay technologies to automate supply-chain transactions, enhance contract compliance, improve contract price accuracy and increase transparency of spend and utilization. MedAssets staff manage the full procurement process of 22 health systems comprised of 150 hospitals, and is the largest third-party procurer of medical suppliers and services, managing more than $4 billion in purchases per year through the company’s industry-leading .
SCL Health System, a faith-based, not-for-profit health system in Denver, has recently engaged MedAssets procurement solutions.
“SCL Health System is committed to leveraging technology to better improve our procurement process,” said Steven Chyung, vice president, Supply Chain, SCL Health System. “Through working with MedAssets and using their solutions, our goal is to instill greater purchasing discipline by increasing automation and efficiency, and reducing transaction expense while ensuring price accuracy at the point of requisition.”
Recent agreements for Procure-to-Pay solutions include:
The innovative solutions suite reflects MedAssets commitment to interoperable solutions that support clients in improving operational and financial performance through latest technologies. By automating routine, repetitive “back office” transactional processes, providers will be able to reallocate focus to more strategic supply chain activities including clinical value analysis and product and service utilization optimization. The suite includes comprehensive services that together deliver a range of tools to better manage contract adoption, contract compliance and price accuracy for both traditional purchase order-based consumable purchases and purchased services transactions – a growing area of focus for many health systems seeking comprehensive cost reductions. Offerings include:
Visit MedAssets at 2013 HFMA ANI (booth #1201) to learn more about Procure-to-Pay Solutions. The company also will showcase key components of its end-to-end portfolio of Spend and Revenue Cycle Management solutions designed to solve the reimbursement, cost and quality issues facing healthcare organizations today and tomorrow. Key highlights include demonstrations of newly released solutions addressing the move to fee-for-value, Bundled Payments, Access Integrity and Advisory Solutions.
SCL Health System (SCLHS), based in Denver, is a faith-based, nonprofit health care organization operating nine hospitals, four safety net clinics, one children’s mental health treatment center and more than 100 ambulatory service centers in four states – California, Colorado, Kansas and Montana. Our $2.7 billion health network is dedicated to improving the health of the communities and individuals we serve, especially those who are poor and vulnerable. On an annual basis, SCLHS provides more than $220 million in community benefit, including services for the poor, health screenings, educational programs, community donations and research. SCLHS was founded by the Sisters of Charity of Leavenworth, who opened their first hospital in 1864. To learn more, visit
MedAssets (NASDAQ: MDAS) helps healthcare organizations to improve financial strength through innovative revenue cycle, spend and clinical resource management solutions that enable improved margins, cash flow, quality of care and patient satisfaction. More than 4,200 hospitals and 122,000 non-acute healthcare providers currently use the company's Web-based technologies and evidence-based solutions to help capture revenue, control cost, increase regulatory compliance and optimize operational efficiency to improve the care delivery process. As a result, the company manages annually more than $50 billion in healthcare supply spend and touches over $365 billion in gross patient revenues. For more information, please visit .