Cape Cod Healthcare Expands Relationship with MedAssets
Agreement builds upon $4 million in realized savings in 2012; Latest healthcare organization to move from incumbent GPO to company based upon proven track record of client successes
ATLANTA--(BUSINESS WIRE)-- MedAssets (NAS: MDAS) today announced that Cape Cod Healthcare (CCHC), headquartered in Hyannis, Mass., has elected to expand its clinical consulting relationship with the company to achieve additional operational performance improvements. The new agreement builds upon CCHC's $4 million in savings generated in 2012 by utilizing Physician Preference Item (PPI) Consulting services and adds conversion to MedAssets group purchasing organization (GPO).
Enhanced Performance through Clinically-led Analysis of Resource Utilization
Plans call for MedAssets to continue in its advisory services role by providing Clinical Resource Management services, which deliver comparative analysis of supply chain resource utilization, price and clinical performance. The agreement also includes Capital and Construction and Supply Chain Optimization solutions designed to reduce capital-, construction- and pharmacy-related costs.
"MedAssets has provided us with a tailored approach to eliminate unnecessary costs and achieve best practice in resource utilization while maintaining and improving quality," said Michael Lauf, president and chief executive officer, Cape Cod Healthcare. "By engaging our staff in a proven process to present clinically objective data on implantable medical devices and related supplies, we have created a culture of more informed decision making related to care processes and the supply chain. We look forward to realizing further benefits from the company's proprietary analytics, data-driven capabilities and expertise."
Provider Momentum to Align Strategic Sourcing with Consulting Services
CCHC is among several health systems, including Connecticut-based Middlesex Hospital, that within the 90 days have turned to Strategic Sourcing services from MedAssets in pursuit of a proven, comprehensive procurement strategy. In addition to becoming new GPO members, these health systems signed respective agreements to utilize additional MedAssets offerings including Capital and Construction, Procurement Solutions and Strategic Information services to enhance business. performance and operational efficiency.
"We are honored that Cape Cod Healthcare has elected to leverage MedAssets proven, data-driven methodologies and expertise to bring sustainable, measurable results and enhanced operational efficiencies across their health system," said John Bardis, chairman, president and chief executive officer, MedAssets. "Our engagements deliver a team of healthcare and medical professionals and nearly two decades of experience in engaging clinicians successfully to gain critical buy-in for cost reduction, process improvements and financial optimization. Our holistic, performance improvement approach can create financial sustainability in preparation for tomorrow's healthcare. "
About Cape Cod Healthcare
Cape Cod Healthcare - one of America's Top Ten health care systems - is the leading provider of healthcare services for residents and visitors of Cape Cod. With more than 450 physicians, 4,500 employees and 1,100 volunteers, Cape Cod Healthcare has two acute care hospitals, the Cape's leading provider of homecare and hospice services (VNA), a skilled nursing and rehabilitation facility, an assisted living facility, the Cape's only local laboratory service (C-Lab) and numerous health programs. For more information, please visit www.capecodhealth.org.
About Middlesex Hospital
Middlesex Hospital is an independent, not-for-profit, acute-care hospital serving approximately 265,000 local residents. It has been nationally recognized by numerous independent health care ratings organizations for the safety and high quality of its services. Middlesex Hospital prides itself on being "The Smarter Choice for Care," by blending this superior patient care with advanced technology. Middlesex has been designated as a Top 100® Hospital four times. It was also the first hospital in Connecticut to earn the national Magnet Award for Nursing Excellence and has retained this designation since 2001. For more information about Middlesex Hospital, its physicians and services, please visit www.middlesex.org.
MedAssets (NAS: 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.
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