MemorialCare Health System Renews and Expands MedAssets Relationship to Optimize Total Cost Management across the Enterprise
MedAssets (NASDAQ: MDAS) today announced that MemorialCare Health System (MemorialCare) in Fountain Valley, Calif., has elected to renew and expand its longstanding collaboration with the company to benefit from a wide variety of cost management and financial performance improvement solutions. The agreement is expected to further drive cost reductions and operational efficiencies into the integrated delivery system and builds upon documented savings of $15.8 million achieved over the lifetime of the six-year business relationship.
“MedAssets has provided outside expertise, data and tools to deliver measurable results as promised,” said Barry Arbuckle, president and chief executive officer, MemorialCare Health System. “By offering an extensive portfolio, we were given the flexibility to customize both our strategic sourcing and total cost management initiatives throughout our organization. With this new agreement, we expect continual improvement with the added expert support in managing capital and operating dollar decision making and management.”
Access to end-to-end solution suite
MemorialCare will continue to utilize MedAssets group purchasing organization (GPO) services for supplies and purchased services, as well as with the company's Strategic Information solution, a Web-based business intelligence tool that aggregates and analyzes supply chain data for improved purchasing compliance and identification of savings opportunities.
New offerings selected include MedAssets Capital and Construction solutions to assist the health system to gain more informed purchasing decisions and fiscal oversight of ongoing remodeling and expansion projects. In addition, MemorialCare chose MedAssets Charge Integrity solutions to achieve best practice coding, compliance and charging information, all of which are critical to receiving appropriate reimbursement and improved cash flow.
“MedAssets is honored to have the continued opportunity to provide measurable financial and performance improvement to MemorialCare Health System,” said John Bardis, chairman, president and chief executive officer, MedAssets. “This valued client understands that sustained financial viability requires proactive pursuit of strategies to reduce costs as federal and state governments reduce payment levels. With this agreement, MemorialCare is positioning itself for successful transition to value-based reimbursement by resolving avoidable variance in cost structure and instilling best practice within both the supply chain and revenue cycle. As one of the nation's largest cost management organizations in healthcare, MedAssets brings to bear a unique combination of innovative solutions and business process knowledge from a single point of accountability to help our clients achieve those capabilities.”
About MemorialCare Health System
MemorialCare Health System is a not-for-profit integrated delivery system that includes six top hospitals – Long Beach Memorial, Miller Children's Hospital Long Beach, Community Hospital Long Beach, Orange Coast Memorial, and Saddleback Memorial Laguna Hills and San Clemente; medical groups – MemorialCare Medical Group and Memorial Prompt Care; an independent Practice Association (IPA) – Greater Newport Physicians; MemorialCare HealthExpress retail clinics; and numerous outpatient health centers throughout the Southland.
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.