ATLANTA—Feb. 22, 2012—MedAssets (NASDAQ: MDAS) today announced that Vanderbilt University Medical Center (VUMC), a major patient referral center for the Mid-South, has recently elected to expand its relationship with the company to further drive continued financial improvement across its health system. The agreement calls for continued use of a wide array of the MedAssets supply chain and revenue cycle solutions, while adding group purchasing services to drive supply cost savings in concert with clinical and pharmacy cost reductions.
The agreement comes after financial improvement results were realized by VUMC through MedAssets Clinical Consulting Services in orthopedics, spine and cardiac rhythm management, and the ongoing use of MedAssets service line analytics solution to identify additional savings. The Web-based tool enables comparative analysis of total cost of care delivery within service lines, identifying clinically equivalent opportunities to reduce variation of high-expense items used in care delivery, such as medical devices.
Conversion to MedAssets GPO
VUMC has opted to convert from its incumbent group purchasing organization (GPO) to combine the buying power delivered by MedAssets comprehensive contract portfolio with their technology solutions which will provide one focused platform from which to address the financial challenges within the healthcare industry today. The MedAssets GPO offers more than 1,800 contracts with more than 1,100 leading manufacturers and distributors of high quality medical products and supplies. VUMC is just one of many health systems continuing to forge a new GPO relationship with MedAssets. In 2011, more than 30 acute care healthcare organizations have chosen the company for group purchasing services. Moreover, MedAssets has delivered over $3 billion in documented financial improvement savings for it clients. Nationwide, MedAssets serves four out of five hospitals, and manages more than $48 billion in annual supply spend.
Builds upon Revenue Cycle Improvement in Charge Integrity and Defensible Pricing
For the past several years, VUMC has used several revenue integrity solutions from MedAssets to drive automation, improve charge capture and implement revenue cycle best practices. In addition, VUMC has relied upon the company’s revenue cycle experts to help develop defensible and competitive pricing to improve compliance and reimbursement.
“This expanded business relationship with VUMC demonstrates the value MedAssets offers to healthcare organizations seeking end-to-end, sustainable financial improvement,” said Rand Ballard, senior executive vice president, chief operating officer and chief customer officer, MedAssets. “Our breadth and depth of revenue cycle solutions and consultative spend management solutions provide the data insights and best practices essential to addressing modern supply chain business needs in healthcare. We look forward to working with VUMC to realize the benefits of our unbeatable contract portfolio and business intelligence tools to further optimize supply chain management capabilities.”
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.
«« Back to THA Headlines and Resources