IRVING, Texas--(BUSINESS WIRE)--Vizient, Inc. today recognized 242 hospitals and health systems that have demonstrated excellence in lowering costs through the use of the company’s Impact Standardization Program. Over the course of 2016, the program delivered over $155 million in total savings to participants.
“Our Impact Standardization Program has become a valuable tool to help our member organizations reduce supply costs while not compromising clinicians’ ability to access high quality products with which to treat their patients. Beyond the substantial rebates participants can earn through the programs, the benefits of reducing variation in their formularies can resonate throughout their organization by easing inventory management and reducing clinical variation,” said Andy Siefkin, director, program services, for Vizient.
Vizient recognized the results of program participants in three categories:
- Executive Savings: earned at least $250,000 in rebates through Impact programs
- Participation Leader: participated in and earned rebates through all 11 Impact programs
- Participation Certificate: participated in 10 non-food Impact programs and utilized a Vizient food and nutrition services agreement
The complete list of hospitals and health systems recognized for their achievements in 2016 is available here.
As the third largest not-for-profit health system in the United States, Providence St. Joseph Health is committed to providing for the needs of our communities - especially the poor and vulnerable. The health system operates 50 hospitals, 829 physician clinics, and 22 long-term care facilities across seven western states. The system includes more than 100,000 caregivers serving in a diverse range of ministries from birth to end of life, including acute care, physician clinics, long-term and assisted living, palliative and hospice care, home health, supportive housing and education.
"Providence has participated in the Vizient Impact Standardization program since its inception. It's been an easy program to implement because it offers just the right balance of source choices within categories. The impact of the program has been two-fold: the rebate component provides a good ROI on the efforts to reduce uncontrolled variation and the "standardization program" is respected by our clinical teams because the sourcing awards are with quality, high-value suppliers," said David Carlson, vice president strategic sourcing, for Providence St. Joseph Health.
Vizient has been an industry leader in helping providers drive down costs through standardization since 1996. Since the program’s inception, Vizient has paid over $1.5 billion in rebate value to the members it serves.
About Vizient, Inc.
Vizient, Inc., the largest member-driven health care performance improvement company in the country, provides innovative data-driven solutions, expertise and collaborative opportunities that lead to improved patient outcomes and lower costs. Vizient’s diverse membership base includes academic medical centers, pediatric facilities, community hospitals, integrated health delivery networks and non-acute health care providers and represents more than $100 billion in annual purchasing volume. The Vizient brand identity represents the integration of VHA Inc., University HealthSystem Consortium and Novation, which combined in 2015, as well as MedAssets’ Spend and Clinical Resource Management (SCM) segment, including Sg2, which was acquired in 2016. In 2017, Vizient again received a World’s Most Ethical Company designation from the Ethisphere Institute. Vizient’s headquarters are in Irving, Texas, with locations in Chicago and other cities across the United States. Please visit www.vizientinc.com as well as our newsroom, blog, Twitter, LinkedIn and YouTube pages for more information about the company.