Agreement Continues Successful 20-Year Relationship to Help Providers Achieve Sustainable Cost Savings
MedAssets today announced an extension of its longstanding strategic partnership with HealthTechS3 (HTS3), a Brentwood, Tenn.-based provider of financial services, executive/physician recruitment, consulting/management services and supply chain solutions to critical access and acute care hospitals in rural areas and smaller communities across the United States. The agreement continues a successful 20-year participation in HTS3's Business Partnership Program, through which HTS3 customers can access MedAssets' supply chain and capital and construction solutions to reduce the total cost of care.
Through this ongoing relationship, MedAssets offers the pricing advantages of its contracted supplies, purchased services and capital equipment, as well as tools and field expertise to gain greater fiscal control of the construction and renovation process.
MedAssets works to bring HTS3 customers best-practice cost-management and process improvement strategies typically available to larger integrated delivery networks. For example, HTS3 contracted with MedAssets to provide a Capital Equipment Service Line Director (SLD) to assist HTS3 member providers with capital equipment needs -a service that recently helped a single critical access hospital in the Midwest save $708,000 in costs related to purchase and service of MRI systems.
Using proven capital equipment negotiation tools and techniques, the MedAssets SLD worked with a different hospital's clinical personnel to determine exact configuration needs for a new wide-bore MRI, compare with vendor offerings on a line-by-line basis, and negotiate a purchase cost that saved nearly $500,000 over contract pricing. The SLD later worked with hospital staff to develop precise coverage requirements for a MRI service agreement that reduced annual service costs by more than 50 percent over the original price quote they received.
"For two decades, the value provided through the MedAssets contract portfolio and related services has helped us deliver, on average, 15% in annual savings totaling $15 million since 2011 to our customers. We look forward to further strengthening this successful partnership," said Neil Todhunter, president of HTS3. "As a result of cost-reduction opportunities offered by the TS3-MedAssets relationship, rural and community hospitals nationwide are building financial strength, achieving professional excellence and growing to meet the needs of their communities."
"MedAssets is pleased to continue our work with HealthTechS3 and its provider customers to translate the challenges of operating smaller health systems and stand-alone hospitals into opportunities for success," said Rand A. Ballard, senior executive vice president and chief customer officer, MedAssets. "For any healthcare provider, improving the standard of care begins with establishing a sustainable cost structure. Through HTS3, MedAssets offers solutions to streamline operations and reduce costs through our combined strengths in supply chain expertise, national purchasing volume, infrastructure and technology."