Service Line Analytics, Clinical Resource Management and Group Purchasing Services to Support Business Initiative for Centers of Excellence Expansion
ATLANTA--(BUSINESS WIRE)-- MedAssets (NASDAQ: MDAS) today announced that Regional Medical Center at Memphis (The MED) has signed a new agreement in support of a strategic system-wide initiative to expand its Centers of Excellence service lines and its value to the regional community it serves. The MED is a regional hospital with a Level I trauma center that serves western Tennessee, northern Mississippi and eastern Arkansas, and is affiliated with the University of Tennessee Health Sciences Center. The new partnership involves broadscale use of MedAssets strategic sourcing and clinical resource management services to help create a high-performance health system that serves as the innovation hub for inter-related clinical development.
“Our strategic imperative is to be a preferred provider both in Memphis and our broader regional service area, and to transform our system into a leading academic medical center,” said Reginald W. Coopwood, M.D., chief executive officer, Regional Medical Center at Memphis. “We expect the MedAssets suite of tools and expertise to help guide our business-driven growth decisions to help us realize that goal. With their expertise and support, we plan to evaluate current and potential specializations and develop a roadmap for new offerings. We’ll also seek to implement best practice and standardization of supplies within and across our health system to improve ongoing financial performance and strengthen our ability to serve our patients. As always, care quality and patient well-being are the drivers we will use to establish our priorities.”
New Centers of Excellence for Improved Value and Margin
The MED will utilize MedAssets Service Line Analytics to gain visibility into clinical resource utilization patterns. This will enable The MED to identify opportunities for both cost and resource efficiencies in order to make informed strategic, system-wide prioritization decisions to develop new Centers of Excellence crucial for value and operating margin generation. MedAssets clinical experts will also engage physicians in partnership with The MED leadership to analyze proprietary data of physician preference items (PPI) to gain consensus on benchmark measures that can lead to increased PPI standardization to reduce costs. In addition, analytical tools for the overall supply chain and pharmacy supplies will serve to drive business intelligence and identify baselines and set targets for better management of these expense categories.
The MED also has elected to forge a new relationship with MedAssets related to group purchasing services, which will afford the medical center access to the company’s comprehensive contract portfolio to further drive financial improvement.
“Regional hospitals like The MED play a vital role in the U.S. healthcare system,” said Rand Ballard, senior executive vice president and chief customer officer, MedAssets. “The MED has the opportunity to enhance its ability to treat patients with costly chronic illnesses through more effective and efficient supply chain sourcing, while at the same time utilize our enabling proprietary analytics and consultative engagement models to pursue a business framework to drive enhanced value. We are pleased that MedAssets has been selected for its unique ability to drive overall strategic change.”
About Regional Medical Center at Memphis
Regional Medical Center at Memphis is a regional healthcare resource providing accessible, efficient, quality healthcare for individuals throughout a 5-state region within 150 miles of Memphis. Regional Medical Center is a comprehensive healthcare delivery system anchored by highly respected Centers of Excellence including trauma, burn, neonatal intensive care and high-risk obstetrics. In addition to its notable Centers of Excellence, the system provides an array of primary and specialty care services through its Health Loop and outpatient services.
Regional Medical Center is an academic medical center and serves as one of the largest medical and surgical teaching sites for the University of Tennessee Health Science Center. More than half the doctors in Tennessee receive all or some of their training at Regional Medical Center through its affiliation with the University of Tennessee Health Science Center.
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 100,000 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 $48 billion in healthcare supply spend and touches over $340 billion in gross patient revenues. For more information, please visit www.medassets.com.
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INDUSTRY KEYWORDS: Technology Data Management Software Practice Management Health Hospitals