Based in Los Angeles, Calif., Avega provides Alliance, a suite of proprietary business decision support software tools and consulting services to assist healthcare organizations with budget management, managed care contract management, cost management, and strategic service line management. The Avega Alliance Suite recently achieved "Best in KLAS" for the KLAS market segment of Business Decision Support for 2005(1).
"The integration of the Avega services with MedAssets' solutions will expand our capabilities to help providers more effectively implement business process changes to increase cash flow and operating margin," said John Bardis, chairman, president and CEO of MedAssets. "Avega will continue to provide its industry leading products and service solutions and will gain the operating resources of MedAssets to accelerate innovation."
MedAssets' mission is to improve healthcare providers' margin and cash flow by solving significant operational problems with a customized solution of technology and services. MedAssets' planned evolution has included re-inventing healthcare group purchasing with innovative supply chain technology and physician preference item cost reduction services. In addition, MedAssets provides revenue cycle management through an industry leading solution suite including chargemaster management, charge capture auditing, defensible pricing, denials management, as well as supply item file and chargemaster linkage.
As a subsidiary of MedAssets, Avega will be a sister company to MedAssets Supply Chain Systems, MedAssets Analytical Systems, MedAssets Net Revenue Systems and Aspen Healthcare Metrics.
Avega Health Systems was advised by the investment banking firm of Houlihan Lokey Howard Zukin. Terms and conditions of the agreement are not being disclosed.
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. For more information about MedAssets go to www.medassets.com or contact Gary Johnson, corporate senior vice president of Marketing and Marketing Services, 100 North Point Center East, Suite 200, Alpharetta, GA 30022.
1: KLAS Confidential Information. (C) 2005 KLAS Enterprises, LLC. All rights reserved. www.healthcomputing.com