MedAssets Introduces Procure-to-Pay Solutions to Address Industry Focus on Cost Reductions
MedAssets (NASDAQ: MDAS) today announced that the market introduction of its Procure-to-Pay Solutions suite will occur at the HFMA National Institute in Orlando, Fla., June 16-19, (Booth #1201). The end-to-end suite leverages MedAssets unique technology platform, proprietary data and analytics, and supply chain expertise designed to enhance the management and oversight of contract compliance, standardization and pricing accuracy.
“With all the financial pressures faced by healthcare organizations, the focus to optimize supply chain ‘back office' processes must be embraced by the C-suite to improve cost reduction and efficiency,” said David Klumpe, senior vice president, Supply Chain Services, MedAssets. “MedAssets offers a simple path toward greater efficiencies and visibility into total spend and contract management to make all procurement functions a more optimized and strategic asset. By taking a holistic approach to automating processes that were manual or fragmented, providers are able to achieve significant savings on non-labor spend not only from accessing the right contracts, but paying the right prices – an important concept for purchased services spending as well as traditional consumable purchases.”
Market adoption of more strategic supply chain assets
Today, more than 800 care providers use a combination of MedAssets Procure-to-Pay technologies to automate supply-chain transactions, enhance contract compliance, improve contract price accuracy and increase transparency of spend and utilization. MedAssets staff manage the full procurement process of 22 health systems comprised of 150 hospitals, and is the largest third-party procurer of medical suppliers and services, managing more than $4 billion in purchases per year through the company's industry-leading National Procurement Center (NPC).
SCL Health System, a faith-based, not-for-profit health system in Denver, has recently engaged MedAssets procurement solutions.
“SCL Health System is committed to leveraging technology to better improve our procurement process,” said Steven Chyung, vice president, Supply Chain, SCL Health System. “Through working with MedAssets and using their solutions, our goal is to instill greater purchasing discipline by increasing automation and efficiency, and reducing transaction expense while ensuring price accuracy at the point of requisition.”
Recent agreements for Procure-to-Pay solutions include:
Beaufort Memorial Hospital – Beaufort, S.C. Integrated Healthcare Holdings, Inc. – Santa Ana, Calif. Meadows Regional Medical Center – Vidalia, Ga. University Health System – San Antonio, Texas Wise Regional Health System – Decatur, Texas Procure-to-Pay Solutions offer end-to-end total cost management support
The innovative solutions suite reflects MedAssets commitment to interoperable solutions that support clients in improving operational and financial performance through latest technologies. By automating routine, repetitive “back office” transactional processes, providers will be able to reallocate focus to more strategic supply chain activities including clinical value analysis and product and service utilization optimization. The suite includes comprehensive services that together deliver a range of tools to better manage contract adoption, contract compliance and price accuracy for both traditional purchase order-based consumable purchases and purchased services transactions – a growing area of focus for many health systems seeking comprehensive cost reductions. Offerings include:
Item Master Services—Operating out of the NPC, confirms providers' enterprise resource planning (ERP) platforms have item master data that contain accurate contract pricing of supplies and services. eProcurement, powered by Prodigo Solutions®—Streamlines order creation, submission and approval processes to help providers optimize contract compliance at the point of product or service requisition and reduces off contract spend. eCommerce Exchange—Processes more than 5 million supply chain transactions using electronic data interchange (EDI) to connect a health system's disparate purchasing operations electronically with suppliers while automating financial purchasing transactions and ensuring accurate contract pricing in real time. Transaction Management—Operating out of the NPC, helps providers increase operational efficiency by automating up to 100 percent of purchasing transactions via “virtual EDI” for suppliers otherwise unable to utilize traditional EDI solutions. The team of transaction management specialists process and analyze more than 1.7 million purchase orders annually to identify and correct root case issues of pricing errors due to mismatches between contract pricing, a provider's purchase order and corresponding supplier invoice. Purchasing Services –Allows providers to outsource the entirety of their purchasing operations out of the NPC by leveraging a team of more than 100 FTEs that perform day-to-day buying activities utilizing Lean-led processes to optimize rapid adoption of desired contracts, contract compliance and pricing accuracy. Invoice Management Services, powered by Ariba®—Enables healthcare providers to eliminate up to 100 percent of paper invoices through true “touchless” processing to lower operational costs, ensure invoice accuracy, realize prompt pay discounts, eliminate late payment penalties and decrease paper archiving costs. Providers have visibility and insight into all spend items including both consumable products and purchased services. Automated Payment Exchange, powered by Hap-X® — A Web-based, universal payment exchange platform that automates payments from provider to supplier, and generates cash rebates in exchange for fast and efficient financial settlement. Strategic Information (SI and SIRx) —Improves supply chain spend analytics and identifies greater savings opportunities via a Web-based data warehouse and dashboard technology that maximizes data transparency. MedAssets at 2013 ANI
Visit MedAssets at 2013 HFMA ANI (booth #1201) to learn more about Procure-to-Pay Solutions. The company also will showcase key components of its end-to-end portfolio of Spend and Revenue Cycle Management solutions designed to solve the reimbursement, cost and quality issues facing healthcare organizations today and tomorrow. Key highlights include demonstrations of newly released solutions addressing the move to fee-for-value, Bundled Payments, Access Integrity and Advisory Solutions.
About Sisters of Charity of Leavenworth Health System
SCL Health System (SCLHS), based in Denver, is a faith-based, nonprofit health care organization operating nine hospitals, four safety net clinics, one children's mental health treatment center and more than 100 ambulatory service centers in four states – California, Colorado, Kansas and Montana. Our $2.7 billion health network is dedicated to improving the health of the communities and individuals we serve, especially those who are poor and vulnerable. On an annual basis, SCLHS provides more than $220 million in community benefit, including services for the poor, health screenings, educational programs, community donations and research. SCLHS was founded by the Sisters of Charity of Leavenworth, who opened their first hospital in 1864. To learn more, visit www.sclhealthsystem.org
MedAssets (NASDAQ: MDAS) helps healthcare organizations to improve financial strength through innovative revenue cycle, spend and clinical resource management solutions that enable improved margins, cash flow, quality of care and patient satisfaction. More than 4,200 hospitals and 122,000 non-acute healthcare providers currently use the company's Web-based technologies and evidence-based solutions to help capture revenue, control cost, increase regulatory compliance and optimize operational efficiency to improve the care delivery process. As a result, the company manages annually more than $50 billion in healthcare supply spend and touches over $365 billion in gross patient revenues. For more information, please visit www.medassets.com.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.