Level-II Trauma Center Realizes More than $2 Million in Savings within First 90 Days of Implementation; Strong Start to New Relationship for GPO, Outsourcing, Consulting and Technology-Enabled Services
ATLANTA--(BUSINESS WIRE)-- MedAssets (NASDAQ: MDAS) today announced that Memorial Health System (Memorial), located in Colorado Springs, Colo., has contracted with the company to become its exclusive Group Purchasing Organization (GPO) and cost management solutions provider. Under the terms of the multi-year agreement, Memorial is using a comprehensive set of MedAssets spend and clinical resource management solutions to drive cost savings into purchasing processes, improve margins and cash flow, and increase regulatory compliance. Within 90 days of the new business relationship, the award-winning, level-II trauma center and health system achieved validated annualized savings in excess of $2 million in reduced costs with expectations to realize even more savings in months to come.
Greater Purchasing Efficiencies through Advanced Technology Solutions
Memorial also chose several technology–enabled services from MedAssets, including Clinical Cost Management consulting services and advanced auditing and analytic tools. In addition, MedAssets Strategic Information and Strategic Information for Pharmacy solutions will be used to review utilization and performance of clinical service lines to drive best practices while sustaining excellence in patient care.
Memorial’s full implementation and conversion process to the MedAssets GPO, outsourcing, consulting and technology-enabled services was completed in less than 60 days, enabling the health system to quickly transition to improved performance.
According to Mike Scialdone, senior vice president and chief financial officer, Memorial Health System, the decision to transition to MedAssets was based on the company’s proven savings and cost management successes, stellar industry reputation, long-term stability and channel expertise. “We are very pleased to have already realized significant financial improvement in a very short time as MedAssets has not only lived up to its commitments but, in many ways, exceeded them,” said Scialdone. “The dramatic positive impact to our cash flow, in combination with the business intelligence, positions Memorial Health System to gain even greater financial results from MedAssets analytic tools and proven clinical resource methodologies. I believe we are on the right path to realize additional multi-million dollar savings.”
Memorial is one of several health systems in the mountain states region to have recently chosen MedAssets for its supply chain services.
“As hospitals and health systems are challenged to sustain financial viability in the face of increased regulatory pressures and changes in reimbursement, forward-thinking organizations like Memorial Health System are discovering that total cost management solutions are often the most efficient route to improving financial performance while preserving focus on delivery of quality patient care,” said Rand Ballard, senior executive vice president and chief customer officer, MedAssets. “Unlike other GPOs, we develop highly strategic, holistic vendor sourcing strategies that best address each client’s needs. MedAssets accomplishes this by creating a dedicated team of experts with broad experience who can leverage our proven best practices and advanced technology to manage the total cost of care.”
About Memorial Health System
Memorial Health System is a level-II trauma center with three hospitals – Memorial Hospital Central, Memorial Hospital North and Memorial Hospital for Children – and more than a dozen facilities throughout Colorado Springs. Memorial provides a full range of diagnostic, treatment and recovery services across more than a dozen of focused disciplines. For more information, visit www.memorialhealthsystem.com.
MedAssets (NASDAQ: MDAS) partners with healthcare providers to improve their financial strength by implementing revenue cycle, spend and clinical resource management solutions that help capture revenue, control cost, improve margins and cash flow, increase regulatory compliance, and optimize operational efficiency. MedAssets serves more than 4,200 hospitals and 100,000 non-acute healthcare providers. The company currently manages $48 billion in supply spend and touches over $340 billion in gross patient revenue annually through its revenue cycle solutions. For more information, go to www.medassets.com.
KEYWORDS: United States North America Colorado Georgia
INDUSTRY KEYWORDS: Technology Data Management Software Practice Management Health Hospitals Professional Services Finance Medical Supplies