New Group Purchasing and Clinical Cost Management Solutions to Drive Best Practices while Pursuing Financial Priorities
ATLANTA--(BUSINESS WIRE)-- MedAssets (NASDAQ: MDAS) today announced that Benefis Health System (Benefis), a 516-bed health system located in Great Falls, Mont., has signed an agreement to use MedAssets Spend and Clinical Resource Management Solutions to achieve rapid and significant cost savings across its supply chain operations. The agreement calls for Benefis to initiate use of the company’s Group Purchasing Organization (GPO) and other cost containment services, including its Clinical Cost Management services for resource utilization of medical device or physician preference items (PPI).
Benefis is among a growing list of new clients in 2012 electing to forge a relationship with MedAssets for total cost management support. John Goodnow, CEO, Benefis Health System said, “It’s imperative for everyone in healthcare in the United States to reduce costs right now. Our ability to remain a strong community hospital is directly linked to our ability to reduce costs and improve efficiency while maintaining our high level of patient care, which is among the top 5 % in the nation, according to the most recent HealthGrades rankings. Nearly 70 percent of our patient population is comprised of Medicare and Medicaid beneficiaries. With reimbursements not keeping up with inflation, our ability to break even on Medicare reimbursements is critical to the future success of our health system. After conducting a thorough evaluation, we were convinced that MedAssets shares our commitment to cost reduction. We believe our new partnership can help us achieve and sustain our financial priorities.”
Goodnow added that MedAssets is an industry leader providing robust analytics tools that will enable Benefis to continually identify new opportunities for improved savings and resource utilization while delivering quality healthcare. He also noted Benefis’ affiliation with Northern Montana Hospital in Havre, Mont., will enable that facility to benefit equally from MedAssets GPO services.
Reducing Total Costs of Care through Greater Purchasing Efficiencies and Technology
In addition to the GPO and PPI services, Benefis opted for several technology-enabled services from MedAssets. These services include: Strategic Information (SI), Strategic Information Pharmacy (SIRx) and Local Custom Catalog (LLC), which in combination will support review of utilization and performance of clinical service lines to identify cost savings and business opportunities, and further drive best practices into supply chain operations.
The new relationship for supply chain services and solutions builds upon Benefis’ use of MedAssets Revenue Cycle Technology Solutions to streamline both charge and reimbursement processes and workflows to improve financial performance and results.
“Forward-thinking healthcare organizations like Benefis recognize that the industry’s shift from volume- to value-based reimbursement payment models requires a comprehensive, total cost management approach to improve financial performance and to continue consistent delivery of high quality patient care,” said Rand Ballard, senior executive vice president and chief customer officer, MedAssets. “Our effectiveness to help Benefis and other valued clients is squarely based on the breadth and depth of our portfolio, which enables us to customize a solution based upon each client’s specific needs. We then drive those needs with a dedicated team skilled in leveraging our proven best practices and advanced technology quickly to produce solid financial results.”
About Benefis Health System
Benefis Health System is a community-owned and governed healthcare in Great Falls, Mont. serving nearly 230,000 residents across a 15-county region. Benefis Hospitals have 516 beds at its two campuses, employs more than 2,600 individuals and partners with over 250 area physicians. For more information, visit www.benefis.org.
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.
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