Procured Health Agreement Adds Data Intelligence and Workflow Technology to Substantially Improve Processes for Evaluation and Purchasing of Medical/Surgical Supplies
December 01, 2014 – MedAssets today announced a strategic partnership with Procured Health to deliver a holistic approach to implementing best-practice clinical value analysis programs. Under terms of the agreement, MedAssets will augment its industry-leading clinical value analysis consulting and services with Procured Health's proprietary data intelligence and collaboration technology platform. The SaaS-based analytical tool and complementary purpose-built workflow solution provide hospital administrators and physicians unparalleled transparency into medical supply options and comparative safety and outcomes data. With improved market information and process oversight, hospitals are able to promote appropriate product utilization and optimize savings opportunities.
Now, through MedAssets, organizations can adopt a holistic approach to proven value analysis models, expert services, and an analytics and product research platform to help improve evaluation and purchasing of high-expense physician preference items (PPI) and other medical/surgical supplies.
"As the healthcare industry shifts to payment systems that reward doctors and hospitals for improving quality, it becomes more crucial than ever to analyze the resources used in delivering patient care in order to eliminate waste and variability," said John Bardis, chairman, president and chief executive officer, MedAssets. "MedAssets delivers best-in-class process improvement resources and services for value analysis, ranging from organizational readiness assessments to full program outsourcing. Procured Health's solutions will serve to further optimize our clients' clinical value analysis processes by delivering near real-time product performance research and automating the collaboration process among an organization's decision makers. We look forward to a positive working relationship to help our clients achieve higher levels of clinical performance as they pursue successful physician alignment strategies."
Procured Health's solutions include:
IntelligencePRO™: a SaaS-based clinician-oriented platform that provides in-depth, clinical and operational analysis on any medical product. The proprietary database leverages a specialized pool of biomedical engineers and clinicians to offer comparative safety and outcomes data in order to promote purchasing decisions that are based on comprehensive clinical evidence.
EvaluationPRO™: a SaaS-based project management system designed specifically for the hospital value analysis process. The solution digitizes product requests and automates strategic sourcing projects in order to drive efficiency, productivity and collaboration between clinicians and administrators. In addition, it provides essential reporting on operational and financial metrics to reduce care variation, improve contract compliance, and maximize system-wide savings opportunities.
"Vanderbilt's Medical and Economics Outcome Committees (MEOC) are clinician-driven processes that utilize evidenced-based, clinically sound, financially responsible methodologies to evaluate new products and technologies in the effort to provide the highest quality care," said Teresa Dail, chief supply chain officer, Vanderbilt University Medical Center. "While using this type of approach has been foundational for the past seven years, the rigor required to access and then assess the literature has been a continuous challenge. Having the ability to provide a comprehensive, unbiased, easily accessible assessment of a new product or technology that includes peer reviewed literature has taken our process to a much more desirable state. As we address the economic challenges before us, it is even more of an imperative that we are able to ensure that the decisions being made are focused on driving total value."
"Our technology solutions are designed to help transform how medical products are chosen, negotiated for and utilized. Traditionally, care givers and administrators have had to rely upon product manufacturers for information," said Hani Elias, chief executive officer, Procured Health. "By taking a 21st century, technology-oriented approach to the medical device marketplace, we aim to solve the underlying issues that lead to wasteful healthcare spending, which is an incredible burden to patients, physicians and hospitals. We look forward to combining our capabilities with MedAssets clinical value analysis solutions to help hospitals and physicians realize immediate financial and clinical benefits."
Collaboration to Offer Increased Alignment in Clinical Resource Management and Quality Improvement Efforts
Supplies and drugs represent 25 percent of a typical hospital's supply budget, of which about 40 percent is spent on physician preference items, such as orthopedic implants. Supplies represent hospitals' fastest growing expense category. MedAssets brings two decades of experience in delivering more than 400 successful, clinician engagement programs designed to link financial and clinical data. Clinical Resource Management Solutions, Cost Analytics and Operational Analytics tools are delivered through a proven, data-driven methodology to uncover deficiencies and utilization variation in order to align cost per case. The result is sustainable cost reductions while aligning clinical delivery to outcomes and quality.
About Procured Health
Procured Health is a leading developer of web-based solutions to improve evaluation and purchasing of medical products. Its innovative services include a comparative device-information platform and a product-evaluation workflow solution that leverage data science, market intelligence, and clinical insights to enable members to understand industry dynamics, identify competition, discover opportunities, and accelerate decision-making and implementation. Procured Health is based in Chicago, Ill. For more information, please visit www.procuredhealth.com.
MedAssets MDAS, +0.37% 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. More than 4,400 hospitals and 122,000 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.