Sharp HealthCare Selects MedAssets to Pursue Supply Chain Savings Opportunities and Improve Cost Management Effectiveness
MedAssets (NASDAQ: MDAS) today announced that Sharp HealthCare (Sharp), San Diego County's largest healthcare system, has selected the company's Spend and Clinical Resource Management solutions to pursue savings opportunities and improve cost management effectiveness.
Under terms of the agreement, Sharp expects to realize value from access to the buying power of MedAssets strategic sourcing solutions, including the company's national group purchasing (GPO) contract portfolio for medical/surgical supplies, pharmaceuticals, laboratory supplies, capital equipment and construction services, food and nutrition, and purchased services. The health system will also utilize MedAssets data-driven clinical cost management capabilities to quantify and implement achievable cost-saving opportunities for physician preference items (PPI). In addition, Sharp will implement a number of MedAssets supply chain analytical tools to provide greater data transparency and make sure purchases are on the right contract on the right tier and at the right price.
“At Sharp, we always strive to provide our community with the best healthcare service possible,” said Ann Pumpian, senior vice president and chief financial officer, Sharp HealthCare. “This business relationship will support our ongoing efforts to find cost efficiencies as we manage amidst the financial pressures now pervasive throughout our nation's healthcare delivery system. Lowering supply cost is yet another way we can support our vision of being the best place to work, the best place to practice medicine and the best place to receive care.”
“We are gratified that Sharp HealthCare has chosen MedAssets to deploy new sourcing strategies,” said John Bardis, chairman, president and chief executive officer, MedAssets. “MedAssets possesses a track record of helping healthcare organizations across the country achieve proven, sustainable savings and cost management success. We look forward to working with this valued new client in support of their mission to serve patients and their community.”
About Sharp HealthCare
Selected as one of 32 Pioneer Accountable Care Organizations by the Centers for Medicare and Medicaid Services (CMS) and a 2007 Malcolm Baldrige National Quality Award recipient, Sharp HealthCare is San Diego's most comprehensive health care delivery system. It is recognized for clinical excellence for services in cardiac, cancer and multiorgan transplantation, as well as orthopedics, rehabilitation, behavioral health and women's health.
Sharp HealthCare has been widely acclaimed for its commitment to transform the health care experience for patients, physicians and staff through an organization-wide performance improvement initiative called The Sharp Experience. The Sharp system includes four acute-care hospitals, three specialty hospitals, two affiliated medical groups and a health plan. To learn more about Sharp, visit www.sharp.com.
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.