ATLANTA, Oct. 8, 2015 (GLOBE NEWSWIRE) -- MedAssets (NASDAQ:MDAS) today announced that Scripps Health, a non-profit regional integrated health system based in San Diego, Calif., has expanded its relationship with MedAssets to include Invoice Management Services, powered by Ariba, an SAP company. This is MedAssets newest component of its procure-to-pay solution set, and builds on Scripps Health's comprehensive program with MedAssets to reduce the total cost of care, enhance operational efficiency, align clinical delivery and improve revenue performance.
MedAssets Invoice Management Services is a best-in-class solution that leverages Ariba's cloud-based invoice management applications to enable a "smart invoicing" process through which invoices are automatically validated against 80+ provider-customized validation rules to ensure that only accurate and approved invoices reach accounts payable.
"Many companies have implemented solutions to digitize invoices. But with one in five invoices still containing an overcharge or other error, it's clear that digitization only leads to inaccurate invoices being delivered faster," said Alex Atzberger, president, Ariba. "MedAssets delivers an intelligent invoicing process using Ariba's Invoice Management solutions that reduces the number of invoice exceptions materially and provides true "touchless" invoice processing, resulting in significant labor efficiency gains to providers."
Additionally, MedAssets Invoice Management Services replaces costly error prone paper invoices with a clean electronic invoice, allowing providers to process invoices more quickly, which in turn improves working capital by minimizing late payment penalties and maximizing prompt pay discounts. Since all paper invoices are replaced with an electronic invoice that is digitized down to the line item level, providers have a comprehensive view of their supply-chain spend to identify contract and savings opportunities, even for categories of spend that are traditionally difficult to analyze, such as purchased services.
"This addition to our agreement is the latest example of how MedAssets is delivering value and working in partnership with us to drive costs out of our system, which to date have totaled $425 million," said Chris Van Gorder, president and CEO, Scripps Health. "We believe that our work together will identify additional performance improvement opportunities to keep us on track with our cost-reduction goals. The help overall from MedAssets in moving us from 'siloed' thinking to lean-process thinking is an important contributor to that effort."
"We are pleased that Scripps Health has chosen Invoice Management Services as an element of its overall cost-reduction strategies. The procurement process presents a significant improvement opportunity that can deliver substantial savings and streamline operations," said Mike Nolte, president and chief operating officer, MedAssets. "As changing reimbursement models in healthcare continue to squeeze operating margins, procure-to-pay solutions that reduce costs and increase back-office operational efficiency represent another way we are working with Scripps to improve operational and financial performance."
About Scripps Health
Scripps is a private, non-profit, integrated health system in San Diego, Calif., committed to providing the highest quality care through five hospital campuses and 30 ambulatory care facilities. Scripps offers area residents excellent medical care as well as preventive services and wellness screenings for every stage of life. U.S. News & World Report's annual "America's Best Hospitals" issue lists Scripps Health among the best in the nation, with the combined programs of Scripps Green Hospital and Scripps Memorial Hospital ranked among the nation's top hospitals in eight categories.
MedAssets (NASDAQ:MDAS) is a healthcare performance improvement company that combines strategic market insight with rapid operational execution to help providers sustainably serve the needs of their communities. More than 4,500 hospitals and 123,000 non-acute providers rely on our solutions to reduce the total cost of care, enhance operational efficiency, align clinical delivery, and improve revenue performance across the System of CARE. For more information, please visit www.medassets.com.