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.
Exclusive Partnership with Valify for Purchased Services Analytics Brings Data-Driven Expertise
ATLANTA, August 11, 2015 -- MedAssets (Nasdaq:MDAS) 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.
Market Intelligence, National Portfolio, and Advisory Consulting Expertise to Tap into Non-traditional Methods of Cost Reduction
The lack of infrastructure to control and manage contracts for purchased services, coupled with little or no benchmarking and decentralized decision making and purchasing can drain a healthcare organization’s financial and personnel resources. MedAssets approach leverages its national contracting, enterprise consulting services, analytics and benchmarking to identify greater savings opportunities and reprioritize purchased services spending. In addition, access to industry best practices and national benchmark intelligence, combined with procurement services that automate invoices and increase visibility into spend, allow for providers to optimize their savings potential.
“Purchased services account for a significant amount of spend annually across the healthcare industry," said Mike Nolte, president and chief operating officer, MedAssets. "Managing purchased services spend is proving to be a burden for many healthcare organizations, but it also presents an untapped opportunity to cut operating budget costs. MedAssets hybrid approach to address this category, now further augmented by Valify’s capabilities, combines consulting, contracting, analytics and benchmarking so that we can be a single-source for sustainable cost reduction for our provider clients.”
Valify is leading the way in bringing innovative technology to the healthcare industry by specializing in the analysis of purchased services spending. Valify has developed a patent-pending technology that simplifies the analysis of non-labor spend through the use of automation and has assembled the industry’s largest categorized vendor database. Within just a few days after uploading your data, Valify provides hospitals with access to an intuitive online tool that strategically organizes the spend data, enabling them to easily identify opportunities, prioritize savings efforts and better prepare for vendor negotiations. For more information, please visit www.getvalify.com.
MedAssets (NASDAQ: MDAS) is a healthcare performance improvement company focused on helping providers realize financial and operational gains so that they can sustainably serve the needs of their community. Approximately 4,500 hospitals and 123,000 non-acute healthcare providers currently use the company's evidence-based solutions, best practice processes and analytics to help reduce the total cost of care, enhance operational efficiency, align clinical delivery, and improve revenue performance across the care continuum. For more information, please visit www.medassets.com.
Topics: Press Release