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ATLANTA, Jan 11, 2010 (BUSINESS WIRE) -- MedAssets, Inc. (NASDAQ: MDAS) today announced that the Texas Purchasing Coalition (TPC) has signed a multi-year agreement to utilize and benefit from MedAssets' strategic supply chain solutions, including group purchasing (GPO) services, physician preference item (PPI) consulting services and spend management analytics. The 11 health system members of the TPC will use MedAssets' GPO and customized supply chain management capabilities, compliance and performance tools, combined with consulting services, to help lower supply cost.
"Recognizing the financial pressures Texas hospitals are facing, the TPC member facilities selected MedAssets to accelerate and improve the overall management of their supply chain resources and services," stated Geoff Brenner, president, Texas Purchasing Coalition. "In order for our members to continue to deliver high-quality patient care at the lowest possible cost, we needed an innovative partner to work effectively with our member organizations and their affiliated physicians to drive the change and cost savings needed. We believe MedAssets is this partner."
Through MedAssets' spend management capabilities, TPC members will access a comprehensive contract portfolio of high quality, cost-effective medical products and supplies from more than 1,100 leading manufacturers and distributors. The Company will also collaborate with the medical, clinical and administrative staff of TPC member facilities to implement strategies and processes to reduce costs on high-expense medical devices and supplies.
As part of this agreement, MedAssets will lead the strategic sourcing of supplies as well as an assessment of clinical utilization and business-driven value analysis processes. This will allow TPC members to take advantage of MedAssets' subject matter expertise, intellectual tools, supply data and analytical solutions that increase transparency and provide actionable information to control supply costs designed to identify savings opportunities and manage cost per patient case trends.
"Our strategic approach ensures cost savings and will help transform TPC members' operations through fundamental process changes while maintaining the health systems' focus on delivering affordable, accessible and high-quality care," stated John Bardis, president and chief executive officer, MedAssets, Inc. "We are proud that TPC chose MedAssets as its strategic supply chain partner, it is a testament to our proven track record of delivering guaranteed financial improvement for our customers."
About MedAssets
MedAssets (NASDAQ: MDAS) partners with healthcare providers to improve their financial strength by implementing integrated spend management and revenue cycle solutions that help control cost, improve margins and cash flow, increase regulatory compliance, and optimize operational efficiency. MedAssets serves more than 125 health systems, 3,300 hospitals and 30,000 non-acute care healthcare providers. For more information, go to www.medassets.com.
About Texas Purchasing Coalition
The Texas Purchasing Coalition (TPC) is a supply chain management partnership that operates across Texas. The TPC is comprised of 11 Texas not-for-profit health systems representing 22 facilities that have committed to work together to lower their supply costs. The TPC enables its members to be recognized as one large system, thus aggregating their purchase volume and commitment to maximize tiered pricing options, create unique value, and develop customized programs. Combined, TPC members represent approximately $750 million in annual supply purchases. For more information, go towww.hcotx.com.
MDAS/B
SOURCE: MedAssets, Inc.
MedAssets
Media Contact:
Regina Haas, 678-624-7420
pr@medassets.com
or
Investor Contact:
Robert Borchert, 678-248-8194
rborchert@medassets.com
Copyright Business Wire 2010