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MedAssets Signs Agreement With Holy Name Hospital for Supply Chain Solutions

Posted on: Tuesday, 9 August 2005, 12:01 CDT

MedAssets has signed a multi-year agreement with Holy Name Hospital in Teaneck, N.J., to implement supply chain solutions. Holy Name Hospital's former group purchasing organization affiliation was with HPPI and New Jersey Hospital Association. The facility has a total annual supply spend of approximately $27 million. The contract was effective May 1, 2005.

Holy Name Hospital is a fully accredited, not-for-profit community hospital founded and sponsored by the Sisters of St. Joseph of Peace in 1925. The hospital is a 361-bed medical center offering the latest medical technology and services and is affiliated with New York Presbyterian Health System.

"By entering this agreement with MedAssets for supply chain solutions, we expect to have even more control over our purchasing processes," stated Jon Carretta, Materials Manager at Holy Name Hospital. "MedAssets' technology automates many cumbersome and time-consuming tasks and will increase efficiencies in our purchasing function."

The new agreement with MedAssets provides Holy Name Hospital with an online contract catalog, CDQuick(R), which includes regional and national contracts ensuring optimal cost savings for all purchases. This supply chain technology allows quick access to all contract detail and pricing information, graphic representation of utilization per contract, and an alert system to announce compliance and pricing updates.

"Increasing cash from existing operations is a primary financial goal of our customers," said Rand Ballard, president, MedAssets Supply Chain and Business Services Group. "Implementation of MedAssets' contract portfolio and technology will allow Holy Name Hospital to reduce supply costs and gain more visibility into their supply chain operations to maximize financial results."

For more information about MedAssets' supply chain and revenue cycle solutions, visit www.medassets.com.

About Holy Name Hospital

Holy Name Hospital is a fully accredited, not-for-profit community hospital founded and sponsored by the Sisters of St. Joseph of Peace. The hospital is a 361-bed medical center offering the latest medical technology and services and is affiliated with New York Presbyterian Health System. Specialty services include cardiology, cancer treatment, women's services, senior services, and many more.

About MedAssets

MedAssets, headquartered in Atlanta, Georgia, improves healthcare providers' margin and cash flow through revenue cycle and supply chain initiatives. As a strategic business partner, MedAssets can replace multiple vendors and decrease supply costs by 3-10 % and increase net patient revenue by 1-3 %. Proprietary information technology is used to work with and improve existing IT assets and work processes. MedAssets, through its revenue cycle subsidiary MedAssets Net Revenue Systems, provides best-of-breed revenue solutions including strategic pricing, pre-bill charge capturing, and ongoing chargemaster management tools, all of which have been Peer Reviewed by the Healthcare Financial Management Association. In addition, MedAssets offers the only technology enabled system that links supply cost data with charge data to ensure accurate charges and defendable markups for all patient identifiable supplies, including costly medical devices. MedAssets, through its supply chain subsidiary MedAssets Supply Chain Systems, operates the fastest growing group purchasing organization and supply chain services company in the U.S. and builds customized solutions encompassing procurement of common medical supplies, pharmaceuticals, physician preference supplies, food and nutrition items, and capital equipment.

MedAssets serves more than 22,000 healthcare providers nationwide through its revenue cycle and supply chain operations including Atlantic Health System (New Jersey), Banner Health (Arizona), Bon Secours Health System (Maryland), Charleston Area Medical Center (West Virginia), Christiana Care Health System (Delaware), Inova Health System (Virginia), Main Line Health (Pennsylvania), North Mississippi Health Services, Rush System for Health (Illinois), St. Joseph Health System (California), Saint Barnabas Health Care System (New Jersey), The University of North Carolina Health Care System, University of Pittsburgh Medical Center (Pennsylvania), University of Rochester Medical Center (New York), and many others. For more information about MedAssets go to www.medassets.com or contact Gary Johnson, vice president of Marketing and Marketing Services, 100 North Point Center East, Suite 200, Alpharetta, GA 30022.

Source: Business Wire

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