CHARLOTTE, N.C.--(BUSINESS WIRE)--Premier Inc. (NASDAQ: PINC), a leading healthcare improvement company, and Verity Health System, a regional California health system with six hospitals, have extended and expanded their relationship.
Verity Health System is formerly known as the Daughters of Charity Health System, which worked with Premier for more than fifteen years engaging in group purchasing and performance improvement services. In December 2015, the health system recapitalized its operations and transitioned its leadership to the new Verity Health System. In addition to extending its existing relationship, Premier performance services will support Verity Health System’s transformation to total population health and cost management.
“Our goal is to revitalize our hospitals to serve their communities for generations to come,” said Verity Health System Chief Financial Officer Stephen Forney. “One of our strategies involves a transformation of our healthcare practices in cost and quality management. We plan to work with Premier to improve quality, enhance physician alignment and better control costs.”
Premier will provide advisory services to support Verity Health System’s major cost imperative with a focus on improving sourcing, pharmacy, physician preference item and purchasing practices. This engagement is expected to unify system-wide purchasing, eliminate variation, improve resource utilization and support the health system’s strategic transition to alternative payment models, such as bundled payment.
Verity Health System also will implement Premier’s cloud-based supply chain sourcing, contracting and catalog management analytics, which are powered by the PremierConnect® performance improvement platform. PremierConnect analytics are interoperable and complement Verity Health System’s access to Premier quality analytics and purchasing data. The technologies will be integrated so that clinical and financial information is monitored and managed in one place. PremierConnect houses clinical data on 40 percent of the patients discharged from U.S. hospitals and $48 billion in annual purchasing information, which providers use to compare cost and quality outcomes with peers for evidence-based decisions.
“We look forward to working with Verity Health System to build a modern and more efficient environment for its hospitals to better serve their communities,” said Susan DeVore, president and CEO of Premier. “We’re thrilled to support them in this effort to positively impact both patient outcomes and costs.”
The financial impact of the agreement was not disclosed.
About Verity Health System
Verity is a nonprofit, nonreligious healthcare System including: St. Francis Medical Center in Lynwood, St. Vincent Medical Center in Los Angeles, O’Connor Hospital in San Jose, Saint Louise Regional Hospital in Gilroy, Seton Medical Center in Daly City and Seton Coastside in Moss Beach. The Verity Medical Foundation is based in San Jose. The System’s corporate headquarters are located in Redwood City. For more information visit https://verity.org/.
About Premier Inc.
Premier Inc. (NASDAQ: PINC) is a leading healthcare improvement company, uniting an alliance of approximately 3,750 U.S. hospitals and 130,000 other providers. With integrated data and analytics, collaboratives, supply chain solutions, and advisory and other services, Premier enables better care and outcomes at a lower cost. Premier, a Malcolm Baldrige National Quality Award recipient, plays a critical role in the rapidly evolving healthcare industry, collaborating with members to co-develop long-term innovations that reinvent and improve the way care is delivered to patients nationwide. Headquartered in Charlotte, N.C., Premier is passionate about transforming American healthcare. Please visit Premier’s news and investor sites on www.premierinc.com; as well as Twitter, Facebook, LinkedIn, YouTube, Instagram and Premier’s blog for more information about the company.
Forward-looking statements
Matters discussed in this release that are not statements of historical or current facts, such as Verity Health System’s anticipated use of Premier’s supply chain and performance services at expected levels, as discussed herein, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Premier to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on any forward looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements in the conditional or future tenses or that include terms such as “believes,” “belief,” “expects,” “estimates,” “intends,” “anticipates” or “plans” to be uncertain and forward-looking. Forward-looking statements may include comments as to Premier’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside Premier’s control. More information on potential factors that could affect Premier’s financial results is included from time to time in the “Forward Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Premier’s periodic and current filings with the SEC and available on Premier’s website at investors.premierinc.com. Forward looking statements speak only as of the date they are made. Premier undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date.
