Advocate Health Care Expands MedAssets Relationship to Accelerate Cost Reduction Initiatives
Extension of GPO Agreement, Use of Service Line Analytics and
Provision of Clinical Consulting Services to Support Sustainable
Performance Improvement
ATLANTA--(BUSINESS WIRE)--
MedAssets today announced that Advocate Health Care (Advocate), the
largest health system in Illinois, has chosen the MedAssets spend and
clinical resource management solutions to accelerate its cost reduction
initiatives. The agreement includes use of Service Line Analytics, along
with Clinical Cost Management consulting services and proprietary
performance management technologies to provide Advocate with the
operational insight required to sustain long-term recognized gains.
Advocate expects to realize $25 million in annual, reoccurring savings,
which contribute to the health system's ongoing efforts to deliver the
best supply chain value and health care.
Actionable Analytics to Manage Clinical Expenses
Plans call for MedAssets to utilize its Service Line Analytics tool to
link reimbursement, supply cost, utilization and clinical resource data
for comparative analysis on implantable medical devices and other
physician preference items to capture the total cost of care delivery.
Advocate and MedAssets will utilize the comprehensive and accurate
comparative data to work with Advocate clinicians, hospital management
and supply chain staff to present insightful information on cost drivers
and assess savings opportunities.
"As the largest health system in the Chicago area with the state's
largest primary care physician network, we want to exemplify how
hospitals and health systems can partner with physicians to support
operating efficiencies without compromising quality," said Tom Lubotsky,
vice president, supply chain and clinical resource management, Advocate
Health Care. "With the support of MedAssets end-to-end cost management
capabilities, we can expand our expense management focus while enabling
our physicians to continue to receive the best value products to deliver
high-quality health care."
Renewed GPO Agreement
Advocate also has extended its group purchasing agreement with
MedAssets. MedAssets manages $41 billion in annual healthcare provider
spending and leverages contemporary sourcing strategies, such as
pre-commitment programs, to extend a comprehensive contract portfolio
offering some of the best prices in the industry.
"We are honored to have such a long-standing and meaningful relationship
with Advocate," said John Bardis, chairman, president and chief
executive officer, MedAssets. "Our integrated use of data and analytical
tools, expert clinical consulting services and strategic sourcing of
supplies and purchased services supports our vision for a total cost
management model appropriate to the evolving needs of today's healthcare
system. With incredible margin pressures underway, healthcare providers
need to do more to manage the business aspects of care delivery. Our
breadth of capabilities helps to drive down operating costs by offering
innovative solutions that address untapped areas of costs and support
organizational change that drives sustainable financial improvement."
About Advocate Health Care
Advocate Health Care, one of the nation's top ten health systems based
on clinical performance, is the largest health system in Illinois and
one of the largest health care providers in the Midwest. Advocate
operates more than 250 sites of care, including 10 acute care hospitals,
two integrated children's hospitals, five Level I trauma centers, two
Level II trauma centers, one of the area's largest home health care
companies and one of the region's largest medical groups. Advocate
Health Care trains more primary care physicians and residents at its
three major teaching hospitals than any other health system in the
state. As a not-for-profit, mission-based health system affiliated with
the Evangelical Lutheran Church in America and the United Church of
Christ, Advocate contributed $462 million in charitable care and
services to communities across the Chicago area in 2009. For more
information, please visit www.advocatehealth.com.
About MedAssets
MedAssets (NASDAQ: MDAS) partners with healthcare providers to improve
financial strength by implementing spend management and revenue cycle
management solutions that help control cost, improve margins and cash
flow, increase regulatory compliance and optimize operational
efficiency. MedAssets serves more than 180 health systems, 4,000
hospitals and 90,000 non-acute healthcare providers. For more
information, please visit www.medassets.com.
MDAS/B
MedAssets
Media Contact:
Robin Wrinn, 678-624-7420
rwrinn@medassets.com
or
Investor
Contact:
Robert Borchert, 678-248-8194
rborchert@medassets.com
Source: MedAssets
News Provided by Acquire Media
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