CHARLOTTE, N.C., Jan. 7, 2014 (GLOBE NEWSWIRE) -- Inova Health System has expanded its strategic partnership with Premier, Inc. (Nasdaq:PINC) to drive system-wide improvements in supply chain efficiency and clinical effectiveness. Nationally and internationally recognized for cardiovascular services, oncology services and pediatric care, as well as genomics research, Inova serves more than 2 million people in the Washington, D.C., metro area and beyond.
Inova began using Premier's Performance Services in 2005, including its quality and safety analytics solutions that integrate clinical and financial data to improve care delivery. The health system also has participated in Premier's QUEST® quality and cost improvement collaborative since 2007, in which each of its five hospitals has achieved top performance.
Seeing the positive results, Inova in May 2013 decided to broaden the partnership to include Premier's Supply Chain Services. According to Inova President and Chief Operating Officer Mark Stauder, the health system has saved $12.4 million in supply costs since beginning the conversion. The supply chain and performance services being used by Inova now include:
- Premier's group purchasing organization, which aggregates 30 percent of the nation's hospital purchasing volume for medical supplies and pharmaceuticals across over 1,900 contracts, and associated advisory services to identify opportunities to enhance resource utilization and reduce costs;
- SpendAdvisor® and SupplyFocus® to analyze total supply chain spend and reduce expenses;
- ASCEND®, a supply chain collaborative with $9.2 billion in committed purchasing volume and 400 members (as of September 2013); and
- OperationsAdvisor® to analyze labor productivity and benchmark performance with peers.
"Inova is an expert at delivering the highest level of care for the most complex disorders," said Premier Chief Operating Officer Michael J. Alkire. "But even the nation's top providers face the challenges of lower reimbursement rates and the need to create new care delivery models. We look forward to helping Inova meet these new demands as we work together to transform the cost and quality of healthcare in America."
Premier's Performance Services and Supply Chain Services are available in PremierConnect™. The integrated technology and social networking platform combines all of Premier's data assets, including patient data on 1 in 4 U.S. hospital discharges, evidence-based best practices from 2.5 million daily clinical transactions and $40 billion in annual provider purchases. In doing so, PremierConnect aggregates clinical, supply chain and resource usage data by hospital, doctor or condition and compares it with thousands of providers nationwide. This helps providers identify variation and overutilization to standardize purchases and practices.
The anticipated financial impact of the expanded relationship with Inova has already been factored into the company's FY14 guidance.
Inova is a not-for-profit healthcare system located in the Washington, D.C., metropolitan area, serving over two million people with over 1,700 licensed beds based in Northern Virginia. Inova consists of five hospitals including the area's only Level 1 Trauma Center and Level 4 Neonatal Intensive Care unit. Inova encompasses many health services including the nationally and internationally recognized Inova Heart and Vascular Institute (IHVI), Inova Translational Medicine Institute (ITMI) on genomics, Inova Neuroscience Institute and Inova Children's Hospital. Inova's mission is to improve the health of the diverse community it serves through excellence in patient care, education and research. More information and statistics about Inova are at https://www.inova.org/.
About Premier, Inc.
Premier, Inc. (Nasdaq:PINC) is a leading healthcare improvement company, uniting an alliance of more than 2,900 U.S. hospitals and nearly 100,000 other providers to transform healthcare. 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, Foursquare and Premier's blog for more information about the company.
Matters discussed in this release that are not statements of historical or current facts, such as the Inova's continued use of Premier's supply chain and performance services at current or expanded 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, as well as those discussed under the "Risk Factors" and "Forward Looking Statements" section of Premier's IPO Prospectus, dated September 25, 2013, filed 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.
CONTACT: Alven Weil, Premier, Inc. Alven_Weil@PremierInc.com or 704.816.5797