ATLANTA, July 16, 2014 (GLOBE NEWSWIRE) -- MedAssets (Nasdaq:MDAS) today announced that Baylor Scott & White Health, now the largest not-for-profit health care system in Texas, has renewed and expanded its relationship with MedAssets to support the recently merged health system in unifying organizational processes and workflows to drive greater operational efficiency and performance improvement.
"Since the merger of Baylor Health Care System and Scott & White Healthcare, we have been identifying areas of opportunity to capitalize on better economies of scale through standardization and common processes and workflows," said Joel Allison, chief executive officer, Baylor Scott & White Health. "MedAssets offers comprehensive solutions that can help expedite combining our organizations both in the areas of revenue cycle and supply chain management."
Plans call for Baylor Scott & White Health to utilize MedAssets Charge, Pricing and Compliance and Claims and Billing solutions to create normalized data and chargemasters, as well as analytics to support more accurate and defensible pricing. Strategic Sourcing, Capital and Construction, and Procure-to-Pay solutions as well as Cost and Operational analytics tools will serve to enhance capital management, reduce costs through leverage in supply pricing, procurement automation and business intelligence. Specific products and services selected include:
- Capital and Construction Solutions: Delivers end-to-end capabilities to help complete successful, on time and on-budget construction or renovation projects
- Charge Capture Audit: Automatically identifies potential lost revenue and charge issues before claims are submitted for improved billing compliance and revenue capture
- Chargemaster Management: Provides multi-facility management capabilities with normalized data to view, edit and manage all chargemasters simultaneously to drive consistent and efficient analysis
- Claims Management: Improves claims payment rate resulting in improved cash flow and reduced accounts receivable days
- Cost-to-Charge Analytics: Consolidates data to bridge the gap between pharmacy costs, supply costs and revenue cycle data to establish a defensible pricing strategy based on acquisition costs
- Decision Support Costing and Contracting: Business intelligence platform that analyzes cost components of clinical care delivery for more informed daily operational decisions and long-term, strategic planning
- Ecommerce Exchange: A proprietary ecommerce platform designed to automate purchasing operations
- Item Master Services: Links to the chargemaster and helps providers maintain a clean and accurate item master
- Service Line Analytics: An on-demand business intelligence tool that gathers, interprets and reports clinical, financial and supply-cost data by service line to identify where savings opportunities exist—both in price and utilization
- Spend and Pharmacy Analytics: A business intelligence tool that provides insight into pharmacy and supply chain spend to support cost-reduction initiatives and improve contract negotiations
- Strategic Sourcing: A strategic, analytical and clinician-led approach to secure industry-leading pricing for high quality products
- Transaction Management: Provides increased visibility to spend through MedAssets National Procurement Center and further automates purchase ordering
"As provider priorities shift to a more aligned, accountable care delivery model, they need to be positioned to achieve sustainable operational efficiency and be better equipped to control risk," said John Bardis, chairman, president and chief executive officer, MedAssets. "MedAssets offers a holistic approach to helping healthcare organizations realize their competitive goals in achieving scale in order to better control population health risks and gain access to covered lives. Our technology-enabled solutions and services, backed by differentiating analytics can make a quick and dramatic difference in re-engineering operational and financial processes, standardizing clinical practices and achieving best practice supply, clinical resource and labor utilization."
About Baylor Scott & White Health
Baylor Scott & White Health is a not-for-profit health care system with total assets of $8.3 billion and the vision and resources to offer its patients continued quality care while creating a model system for a dramatically changing health care environment. The new system includes 43 hospitals, more than 500 patient care sites, more than 6,000 affiliated physicians, 34,000 employees and the Scott & White Health Plan. For more information, please visit www.BaylorScottandWhite.com.
MedAssets (Nasdaq:MDAS) is a healthcare performance improvement company focused on helping providers realize financial and operational gains so that they can sustainably serve the needs of their community. More than 4,400 hospitals and 122,000 non-acute healthcare providers currently use the company's evidence-based solutions, best practice processes and analytics to help reduce the total cost of care, enhance operational efficiency, align clinical delivery, and improve revenue performance across the care continuum. For more information, please visit www.medassets.com.