ATLANTA, Sept. 3, 2014 (GLOBE NEWSWIRE) -- MedAssets (Nasdaq:MDAS) today announced that LHP Hospital Group, Inc. (LHP), a privately held company established to provide essential capital and expertise to not-for-profit hospitals and hospital systems, has elected to renew and expand its relationship with the company. In its advisory services role, MedAssets will deploy a wide array of its total cost management and clinical alignment solutions to streamline processes and improve performance across the 1,333-bed, six-hospital healthcare group, including Supply Chain Solutions, Procure-to-Pay Solutions, Cost Analytics and Operational Improvement Solutions. The new agreement builds upon the existing relationship and the deployment at LHP's hospitals of MedAssets Strategic Sourcing.
"New business models, cost pressures and shrinking reimbursements are contributing to an already complex healthcare supply chain, making it imperative for providers to look at streamlining processes and opportunities for optimization," said John Ehrie, executive vice president and chief financial officer, LHP Hospital Group, Inc. "As our hospital group considered options for becoming a more streamlined and high-performing organization, we concluded that we needed a partner to help us align the cost of care with patient outcomes. MedAssets extensive experience in data-driven analysis, best practice benchmarking and technology-enabled solutions, combined with its consultative expertise, made it the right choice for us to help eliminate inefficiencies."
Achieving Optimal Care at Optimal Cost through Clinically-Aligned Supply Chain Strategy
Healthcare reform places increased pressure on providers to establish a sustainable cost reduction strategy. In tandem, there is an immediate need to implement a bold strategy to adhere to clinical processes and standards that lead to measurable and consistent improvements in quality of care, patient satisfaction and patient safety. MedAssets proven total performance management process allows providers to connect the dots between price, process and utilization. LHP and MedAssets will work together to implement a unique, integrated approach to sustain financial, operational and clinical performance improvement.
LHP will employ MedAssets comprehensive Supply Chain Management and Performance Improvement Consulting services to identify and prioritize opportunities for improving cost management and utilization through a data-driven methodology. MedAssets will provide onsite representation to help refine the value analysis structure within LHP hospitals to quantify savings opportunities against industry-leading metrics and identify variations in utilization. In addition, LHP will leverage a wide array of MedAssets Procure-to-Pay Solutions to automate purchasing operations and gain further visibility into spending.
"Providers are looking for innovative strategies to develop a sustainable, performance-based culture and prepare for greater accountability in patient outcomes," said Keith Thurgood, president, Spend and Clinical Resource Management, MedAssets. "MedAssets offers tools, expertise and Lean methodologies to go beyond traditional methods of reducing the overall cost of care delivery, and focus on operational efficiencies and clinical alignment. We are honored that LHP has chosen us to help achieve its goal of enhancing its performance as a healthcare organization."
About LHP Hospital Group, Inc.
LHP Hospital Group, Inc. (LHP) is a privately held company established to provide essential capital and expertise to not-for-profit hospitals and hospital systems. In cooperation with local hospitals, LHP forms joint ventures to acquire, own, operate and manage acute care facilities in small cities and select urban markets throughout the United States. Headquartered in Plano, Texas, LHP is owned by affiliates of the private equity firm CCMP Capital Advisors, LLC and the CPP Investment Board as well as certain members of management and the board of directors. For more information, please visit www.lhphospitalgroup.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.