Strategic Education for Business Model Reinvention; Industry Analysis among Expansive Agenda Items for Meeting attended by Thousands of U.S. Healthcare Providers
ATLANTA--(BUSINESS WIRE)-- Regardless of current performance levels, winning acute-care healthcare organizations of tomorrow will need to develop more of a retail-inspired business model to survive the evolving and transformational “ecosystem” of the United States healthcare market—this was a core message according to multiple speakers at the 2012 MedAssets (NASDAQ: MDAS) Healthcare Business Summit, which was held April 10-12, 2012 at the Mandalay Bay Convention Center in Las Vegas.
“The radical change MedAssets has expected all along has come to healthcare in direct response to an unsustainable and siloed delivery system with a widely varying cost infrastructure,” said keynote speaker John Bardis, chairman, president and chief executive officer, MedAssets. “Future reimbursement levels will not cover healthcare provider costs and will force the unprecedented challenge—and opportunity— to reinvent a more retailed-inspired business model through technology, entrepreneurial capitalism and consumer health engagement. Cultivating these competencies will be critical for health systems to capture additional reimbursements along the continuum of care— and ultimately survive.”
Speaking to an audience of nearly 4,000 summit attendees, Bardis defined what he contends are the five capabilities that will be shared by winning providers of the future:
- Rationalized cost and resource consumption
- Fee for Value transition
- Aligned care delivery
- Reinvention through technology
- Consumer health engagement
With the backdrop of recession and reform, many analysts predict that a third of hospitals now in existence in the United States will not cross the 2020 finish line as winners. Cost structures will continue to rise due to increasing compliance burdens under healthcare reform. Meanwhile, reimbursement levels will sharply decline as payors shift to value-based purchasing that makes claims payment contingent on the provider’s quality measures.
Insight and Education to Prepare for Radical Change
Attendees of the 2012 Healthcare Business Summit received strategic education for business model reinvention, along with economic and healthcare market analysis. More than 70 educational and/or client case study sessions on today's "must-address" issues were held, including; ICD-10, accountable care, population health, bundled payments and clinical and business intelligence. In addition, solution labs were offered to provide hands-on demonstration of existing and evolving MedAssets technology solutions. A supplier Exhibit Fair also was held to facilitate invaluable face-to-face networking opportunities with hundreds of companies serving provider supply chain needs via the MedAssets client-driven national contract portfolio. Keynote speakers were John Bardis chairman, president and chief executive officer, MedAssets and former Florida Governor, Jeb Bush, who rounded out the program's U.S. economy and healthcare market analysis content.
More poignant parts of the agenda reflected the culture and core values of MedAssets and the sacred healthcare missions of its clients: a tribute to both returning and fallen U.S. veterans (Bardis is founder of Hire Heroes USA); attendees assembled and shipped 1,800 individual care packages to troops overseas; presentation of an humanitarian award to Elissa Montanti, founder of the Global Medical Relief Fund (GMRF), and presentation of the 2011 George Herbert Walker (H.W.) Bush Pacesetter Award to Colonel George Everette “Bud” Day, a retired U.S. Air Force colonel and command pilot who served during World War II, the Korean War and Vietnam War, including five years and seven months as a prisoner of war in North Vietnam. He often is cited as being the most decorated U.S. service member since Gen. Douglas MacArthur, having received some seventy decorations, a majority for actions in combat. Day is a recipient of the Medal of Honor and the Air Force Cross.
Offering Winning Solutions
“The transformational experience faced by our client base, and every facet of our country’s healthcare system, demands a world-class conference focused on delivering practical solutions, in-depth political and industry analysis along with critical and timely education to assist them in this transition. That is what the Healthcare Business Summit is all about,” added Bardis. “Hospitals will have to find new ways to reduce overhead and uncover new sources of revenue. The good news is that collectively our nation has the brain power and cultural capabilities to build new business models that offer greater value to both society and the patient.”
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 Georgia Nevada
INDUSTRY KEYWORDS: Practice Management Health Hospitals