The Texas Purchasing Coalition Renews Clinical and Sourcing Relationship with MedAssets
Contract extension to build upon more than $90 million in realized savings since 2010 through clinically-aligned strategies
ATLANTA--(BUSINESS WIRE)-- MedAssets (NAS: MDAS) today announced that The Texas Purchasing Coalition (TPC), a strong provider partnership comprised of eight independent health systems, has elected to renew its performance management relationship with the company. The renewal builds on TPC's success in realizing more than $90 million in documented savings since 2010. Strategic Sourcing and Clinical Consultingservices, which drive supply utilization through physician and administrative alignment, provided added support to achieve enterprise savings.
"In anticipation of the industry's major overhaul from a fee-for-service to a fee-for-value business model, MedAssets and the TPC have developed cost savings strategies that will position TPC members for continued success," said Geoff Brenner, president, The Texas Purchasing Coalition. "Achieving these results, within eight independent organizations, requires significant effort, collaboration and innovation. MedAssets embraced our provider-driven collaborative approach. The company has also been an instrumental partner in helping TPC establish the required clinical discourse to optimize communication between purchasing, physicians and executive management. The important combination of MedAssets clinical and value analysis expertise and our coalition's collaborative approach to collective purchasing strategies and decision-making, aggressively improved our operational performance. We look forward to continuing our work and partnership with MedAssets as we grow and provide assistance to other organizations and coalitions seeking impactful results."
Clinical Value Analysis Optimization Drives Improvement in Care Delivery
Operating as an extension of TPC's team, MedAssets consulting services offer a tailored, pragmatic and clinically-led approach to link the standardization and utilization of supplies to cost, which led to improved financial performance and clinical outcomes. Plans call for TPC to continue to utilize MedAssets Service Line Analytics and Strategic Information platforms to quantify and implement achievable savings opportunities through these business intelligence solutions, ultimately enabling TPC to optimize its collective purchasing. The agreement also renews use of MedAssets Group Purchasing Organization (GPO) services and Capital and Construction solutions to reduce and better manage supply costs.
"We are pleased that TPC has elected to leverage MedAssets proven capabilities to improve performance and reduce the total cost of care on a sustainable basis," said John Bardis, chairman, president and chief executive officer, MedAssets. "TPC demonstrates what's possible with market-leading innovation and the benefits of creating a clinically-led supply chain. We are pleased to have supported their success in engaging clinicians to gain critical buy-in for cost reduction, process improvements and financial optimization. This valued client continues to demonstrate the significant, measurable outcomes MedAssets can deliver through its expert clinical and supply chain professionals and data-driven methodologies."
About The Texas Purchasing Coalition
The Texas Purchasing Coalition (TPC) is a provider-owned partnership comprised of eight independent health systems. TPC has signed a multi-year agreement with MedAssets to provide strategic supply chain solutions, including group purchasing (GPO) services, physician preference item (PPI) consulting services and spend management analytics. TPC provides a platform for members to maximize savings, create unique value and develop customized contracting.
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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