ATLANTA, Nov. 24, 2014 (GLOBE NEWSWIRE) -- MedAssets (Nasdaq:MDAS) today announced that UNC Health Care, a not-for-profit health system based in Chapel Hill, NC, has renewed its agreement with the company to build upon its long-standing relationship with MedAssets in driving down costs and optimizing clinical, operational and financial performance.
Plans call for UNC Health Care to continue to leverage MedAssets Advisory Solutions, which combine best-in-class operational and clinical data with consulting expertise for sustainable performance margin improvement. MedAssets Strategic Sourcing, Clinical Resource Management, Procure-to-Pay Solutions, as well as Cost and Operational Analytics will support the system in optimizing its total cost management strategy while creating a clinically-aligned supply chain. In addition, continued use of MedAssets Charge, Pricing and Compliance and Claims and Billing Solutions will help UNC Health Care to maintain a defensible pricing strategy through an accurate, comprehensive and compliant chargemaster and to precisely forecast, calculate and capture all net revenue contractually owed for patient services.
Cost Pressures and Uncertain Reform Measures Call for Integrated Approach to Enhance Business Operations
As UNC Health Care looks to sustain financial and operational performance improvement, the system will continue to utilize the following products and services:
- Charge Capture Audit: Automatically identifies potential lost revenue and charge issues before claims are submitted for improved billing compliance and revenue capture
- Chargemaster Management: Best practice charging, coding and compliance along with proprietary pricing benchmarks to drive system-wide standardization for consistent and efficient analysis
- Clinical Cost Management: Improves physician alignment and product utilization through a proven methodology of proprietary and comparative data analysis on physician preference items.
- Cost-to-Charge Analytics for Supply Chain: Accurately identifies chargeable supplies represented in the chargemaster for improved visibility into cost data
- Decision Support Costing and Contracting: A business intelligence platform that analyzes clinical and financial components of care delivery in order to drive more evidence-based decision making
- eCommerce Exchange: A proprietary ecommerce platform that connects suppliers to providers electronically and automates back-office purchasing operations
- Item Master Services: Links to the chargemaster and helps providers maintain a clean and accurate item master to support up-to-date supply chain sourcing and analytics
- Pharmacy and Spend Analytics: Business intelligence and supply chain optimization tools that provide insight into pharmacy and other supply chain category spend to support cost-reduction initiatives, increased efficiency and improved contract negotiations
- Service Line Analytics: An on-demand business intelligence tool that gathers, interprets and reports clinical, financial and supply-cost data – actionable data – by service line to identify where savings opportunities exist in price and utilization
- Strategic Sourcing: A national group purchasing organization portfolio to reduce supply and purchased services costs 7 to 30 percent more than other market options
"Provisions of the Affordable Care Act are creating pressures on reimbursements and the move toward value, while also generating increased pricing scrutiny and more complex compliance issues," said Mike Nolte, chief operating officer, MedAssets. "MedAssets capabilities, including our Advisory Solutions consulting services and technologies, are helping healthcare enterprises like UNC Health Care make informed decisions to drive total cost reduction, financial optimization, clinical delivery alignment and efficiency as they deliver sustainable, high quality care. We are honored by the opportunity to partner with UNC Health Care to support their competitiveness in a rapidly changing environment so that they can sustain their teaching mission and provide state-of-the-art patient care to their community."
About UNC Health Care
The UNC Health Care System, a state entity, is an integrated health care system based in Chapel Hill, North Carolina and affiliated with the University of North Carolina. It exists to further the teaching mission of the University of North Carolina and to provide state-of-the-art patient care. UNC Health Care is comprised of UNC Hospitals, ranked consistently among the best medical centers in the country; the UNC School of Medicine, a nationally eminent research institution and its UNC Faculty Physicians group; community practices of UNC Physicians Network and Rex Health Care; home health and hospice services in seven central North Carolina counties; Pardee Hospital in Hendersonville, NC; Chatham Hospital in Siler City, NC; High Point Regional Hospital in High Point, NC; Caldwell Memorial Hospital in Lenoir, NC; Johnston Health in Smithfield, NC; Nash Health Care in Rocky Mount, NC; and Rex Healthcare and its provider network in Wake County. For more information, please visit www.unchealthcare.org.
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.