MedAssets, Inc. (NASDAQ: MDAS) today announced that Stamford Health
System has selected the company as its strategic spend management
partner to reduce costs, improve utilization and enhance process
efficiency to its supply chain. The health system will utilize
MedAssets group
purchasing organization (GPO) contracts for system-wide cost
reduction. It will also increase transparency and improve utilization
through the companys clinical and supply chain consulting services, and
by utilizing business intelligence technologies such as Strategic
Information and Service
Line Analytics.
“We are pleased that Stamford Health System has chosen to expand its
relationship with MedAssets by adding our innovative supply chain
solutions”
The not-for-profit health system is a MedAssets revenue cycle management
customer and utilizes MedAssets Access Integrity and Charge Integrity
solutions. Stamford captured $1.9 million in lost charges using
MedAssets Charge Capture Audit tool in 2009. Stamford Health System
includes a 305-bed hospital facility and generates annual revenue of
more than $480 million.
With the implementation of the new healthcare reform law, it is more
important than ever for our team to leave no stone unturned when it
comes to identifying areas where we can reduce our costs and increase
our efficiency, said Brian Grissler, chief executive officer, Stamford
Health System. MedAssets has been a tremendous partner for us on the
revenue cycle side of our organization. We look forward to working with
them to apply their supply chain best practices to realize cost
reductions.
Through MedAssets group purchasing services, Stamford will access a
comprehensive contract portfolio of quality, cost-effective commodity
medical products and supplies. MedAssets clinical and supply chain
consultants will work with Stamford personnel to evaluate all savings
opportunities across the supply chain. Using Service Line Analytics, the
health system will be able to engage its physicians in the
cost-reduction process and improve operating margins by service line,
physician and MSDRG without impacting the quality of care. Technology
such as Strategic Information and Strategic Information for Pharmacy
will identify price discrepancies and savings opportunities to bring
added transparency and efficiency to the Stamford Health System supply
chain.
MedAssets has proven itself to be a true financial improvement partner,
and we appreciate the customized approach MedAssets brings to our
organizations supply chain, said Kevin Gage, Chief Financial Officer,
Stamford Health System. We look forward to the process improvement
their technology, tools and expertise will provide our supply chain
staff. Their solutions will advance our efficiency and help us focus on
margin improvement across our system.
We are pleased that Stamford Health System has chosen to expand its
relationship with MedAssets by adding our innovative supply chain
solutions, stated Rand Ballard, Chief Customer Officer and Chief
Operating Officer, MedAssets. Stamfords desire to reduce costs and
increase efficiency in its supply chain as well as its revenue cycle
illustrates the value MedAssets brings to healthcare providers as we
help them improve their margins in preparation of healthcare reform
implications.
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 40,000 non-acute healthcare providers. For more
information, go to www.medassets.com.
About Stamford Health System
Stamford Hospital is a not-for-profit provider of comprehensive
healthcare services in lower Fairfield County. The mission of Stamford
Hospital is to provide, together with its physicians, a broad range of
high quality health and wellness services focused on the needs of our
communities. Stamford Hospital is a Magnet Hospital, and a member of the
Planetree Alliance, a group of hospitals nationwide focused on
patient-centered care. Stamford Hospital is affiliated with the New York
Presbyterian Health System and is a major teaching affiliate of the
Columbia University College of Physicians and Surgeons.
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Source: Business Wire