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Children's Hospital and Health System Selects MedAssets for Supply Chain Solutions

Posted on: Monday, 22 August 2005, 12:00 CDT

Children's Hospital and Health System, based in Milwaukee, Wis., has selected MedAssets to implement supply chain management solutions. Children's Hospital is the second shareholder of Child Health Corporation of America (CHCA) to sign an agreement with MedAssets in recent months. The health system has a total annual supply spend of more than $90 million. The multi-year relationship is effective November 1, 2005.

Children's Hospital of Wisconsin, the flagship member of the health system, is the only hospital in state dedicated solely to the care and treatment of children. It also serves as the only trauma center in the state devoted to children and is one of only 14 pediatric Level I Trauma Centers in the United States. Children's Hospital of Wisconsin is rated as the third leading center for pediatric health care in the United States, according to a comprehensive 2005 Child magazine survey. In 2004, the hospital was designated a Magnet hospital by the American Nurses Credentialing Center, a national honor that recognizes nursing excellence. Care is provided for children from Wisconsin, the Upper Peninsula of Michigan, and northern Illinois and beyond.

The new agreement provides Children's Hospital and Health System access to MedAssets' comprehensive contract portfolio and supply chain technology. "MedAssets' technology gives us the ability to better control our purchasing processes and automate purchasing functions to prevent errors and increase efficiencies," stated Jon E. Vice, president and CEO, Children's Hospital and Health System. "Our resources can be used to follow up on errors to reduce costs rather than spending time identifying where errors have occurred. MedAssets' technology cleans our data and provides reporting abilities that will allow us to make more informed decisions to improve the financial health of our organization."

Children's Hospital and Health System will utilize a custom catalog that incorporates existing local and regional contracts as well as MedAssets' national contract portfolio allowing the facility to maintain those agreements that offer the lowest price for supply items. Through Strategic Information reporting, the hospital will be able to audit transactions to find off-contract spending, invoice variances and incorrect invoices.

"MedAssets' is pleased to see two prominent children's hospitals within the last month choose a new way of managing supply costs," stated Rand Ballard, president, MedAssets Supply Chain and Business Services Group. "The growing number of children's facilities within MedAssets' membership will allow for new pediatric networking opportunities and provide specific feedback for further development of programs and services that enable providers to expand their business process improvement goals, increase cash flow, and serve more children."

About Children's Hospital and Health System

Children's Hospital and Health System is the region's only independent health care system dedicated solely to the health and well-being of children. Children's Hospital of Wisconsin, rated the No. three pediatric hospital in the nation by Child magazine, is the flagship member. Health system entities include Children's Hospital of Wisconsin, Children's Hospital of Wisconsin-Fox Valley, Children's Hospital of Wisconsin-Kenosha, Children's Hospital and Health System Foundation, Children's Health Education Center, Children's Medical Group, Children's Service Society of Wisconsin, Children's Specialty Group, Surgicenter of Greater Milwaukee, Children's Research Institute, Children's Community Health Plan, Seeger Health Resources and National Outcomes Center. Children's Hospital and Health System serves children throughout Wisconsin, Michigan's Upper Peninsula, northern Illinois and beyond, through medical care, advocacy, education and pediatric medical research.

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 technology enabled denials management, and 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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