ATLANTA--(BUSINESS WIRE)--Using MedAssets’ spend management solutions, Westchester Medical Center (WMC) gained transparency into its supply costs and improved its financial performance by approximately $8.1 million.
WMC spends more than $125 million annually for medical and surgical supplies and pharmaceuticals, but years of supply chain outsourcing left the medical center unable to accurately evaluate spending trends, the rationale for product selection or how to determine business process efficiency. The system’s current partnership with MedAssets was initiated in July 2009 and includes MedAssets’ group purchasing (GPO) services, clinical consulting for physician preference items (PPI), supply chain analytics and MedAssets’ Service Line Analytics solution to drive cost management savings and efficiency within service lines.
Working with MedAssets, WMC’s spend management strategy has yielded substantial savings for overall product expenditures by:
- Arming the supply chain team with actionable data and accurate business intelligence;
- Adopting a data-driven transparent process; and
- Using advanced data analytics to identify a path to immediate savings and longer-term supply standardization opportunities
“Prior to MedAssets, WMC had little to no knowledge about the supply contracts that were in place or the reasons behind why certain contracts were being changed from one vendor to another,” said Roger Weems, senior vice president, performance management at Westchester Medical Center. “MedAssets’ flexibility and creativity in structuring a process that is tailored to WMC’s unique requirements has helped us be more strategic in our approach to supply chain management and has resulted in financial improvement we plan to continue to build on.”
“MedAssets’ relationship with WMC has been based on open communication, complete operational transparency, a shared commitment to delivering results, and aligned incentives where all parties benefit from the savings achieved,” said Rand Ballard, chief operating officer and chief customer officer, MedAssets. “WMC and MedAssets are working together to rebuild its spend management foundation and develop sustainable processes that drive cost cutting and efficiency in a post-healthcare reform environment.”
About Westchester Medical Center
Spanning every adult and pediatric medical specialty, Westchester Medical Center serves as a lifeline to the more than 3.5 million people in the Hudson Valley region and beyond. Well-known for its advanced medical care in trauma and burn, heart, cancer, transplant, neuroscience and pediatrics, community hospitals within a 5,000-square-mile range send their most difficult cases to this advanced-care, academic medical center.
MedAssets (NASDAQ: MDAS) partners with healthcare providers to improve their financial strength by implementing spend management and revenue cycle solutions that help control cost, improve margins and cash flow, increase regulatory compliance, and optimize operational efficiency. MedAssets serves more than 180 health systems, 4,000 hospitals and 75,000 non-acute healthcare providers. For more information, go to www.medassets.com.