University Health System Works with MedAssets to Transform Performance for Long-Term Success
Effort taps company's exceptional consulting, analytics, process improvement and implementation expertise to prepare for new economic model of healthcare reform
ATLANTA--(BUSINESS WIRE)-- MedAssets (NAS: MDAS) today announced that University Health System (UHS), the third largest public health system in Texas, recently engaged the company for a multi-year, comprehensive agreement resulting in cost savings of more $13 million in under one year. In its advisory services role, MedAssets supported UHS in a sustainable, organizational transformation to eliminate inefficiencies, reduce costs, and enhance revenue and performance to improve the quality and safety of care delivery. By engaging the company's revenue cycle capabilities alone, the health system accelerated an additional $14 million in cash flow.
"Anticipating the negative financial impact of healthcare reform, University Health System was looking for a single, comprehensive source for a cost-effective suite of data and technology-enabled services to quickly improve our health system's clinical, operational and financial capabilities," said Christann Vasquez, executive vice president and chief operation officer, University Health System. "With MedAssets, we found a true partner to help us meet the new business model of care delivery. We are excited by the positive change to date, and we look forward to continue to build upon the progress we have already accomplished."
Cost-effective outcomes, revenue cycle best practices and sustainable high performance
The multi-pronged agreement is based upon a holistic operational improvement and cost reduction strategy that focuses on process and cultural change in five main areas across the enterprise: clinical resource utilization, labor, purchased services, supply expense and revenue capture. Specific MedAssets solutions engaged are: Process Improvement and Clinical Consulting services, Workforce, Capital and Construction solutions, Strategic Sourcing, Reimbursement Integrity and Charge Integrity solutions.
"Our exceptional expertise in consulting, analytics, process improvement and implementation position MedAssets to be a leader in guiding healthcare providers through the change management initiatives required to survive in the new era of healthcare," said Dan Piro, president, Advisory Solutions, MedAssets. "By taking into account UHS' strategic focus and stated goals, we were able to take a comprehensive, executive-level approach. We coordinated and integrated performance improvement and change management initiatives to quickly improve UHS financial performance and capabilities while setting in motion transformation that they, and every U.S. healthcare system will need for long-term success."
About University Health System
Owned by the people of Bexar County, University Health System (UHS) is a nationally recognized academic medical center in partnership with UT Medicine San Antonio. UHS is Bexar County and South Texas' first and only health system to earn Magnet status, the gold standard when it comes to quality nursing care. University Hospital, currently operating 489 beds, is a comprehensive Level I Trauma Center and certified Primary Stroke Center. University Health System also includes a network of 16 community clinics focused on primary, specialty, and preventive health services. For more information, see www.universityhealthsystem.com.
MedAssets (NAS: MDAS) partners with healthcare providers to improve financial strength by implementing spend management and revenue cycle management solutions that help control cost, improve margins and cash flow, increase regulatory compliance and optimize operational efficiency. MedAssets serves more than 4,200 hospitals and 122,000 non-acute healthcare providers. The company currently manages more than $50 billion in supply spend and touches over $365 billion in gross patient revenue annually through its revenue cycle solutions. For more information, go to www.medassets.com.
KEYWORDS: United States North America Georgia Texas
The article University Health System Works with MedAssets to Transform Performance for Long-Term Success originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.