MedAssets Expands Purchased Services Capabilities to Further Unlock Untapped Savings Opportunities

MedAssets

today announced that it has broadened its purchased services approach through an exclusive partnership with Valify to offer a new web-based analytics solution designed to standardize purchased services spend across the health system enterprise. The expansion of MedAssets Purchased Services Solutions capabilities to include new data and analytics software will complement its unique set of consulting services and solutions that support the management of non-medical and operational spend to further identify and analyze top areas of cost reduction. Purchased services spend typically represents 15 to 20 percent of a hospital's operating expense, a figure that rivals the cost of medical/surgical supplies. For many providers, there are more than 300 unique purchased services categories that are often undermanaged, including life and disability insurance, human resource services and employee healthcare benefits programs. With MedAssets comprehensive solution set, including Purchased Services Analytics, powered by Valify, providers can compare purchased services spend across all facilities, calculate expected savings by category, increase contract utilization and track realized savings. Providers are also able to focus beyond traditional, larger service expense categorizes – including insurance, energy costs and managed equipment – and optimize savings in other areas such as ancillary services, support services, repair and maintenance, and legal, IT, HR and other administrative services.