IRVING, Texas--(BUSINESS WIRE)--Vizient, Inc., has recognized 269 member health care organizations for demonstrating excellence in lowering costs in the supply chain. Through the Impact Standardization Program, these hospitals streamlined their purchasing practices in designated product categories, earning rebates and in many cases attaining lower pricing from manufacturers.
Since the Impact program’s inception in 1996, Vizient has delivered over $1.95 billion in rebate value to the hospitals it serves. One hundred percent of these rebates pass directly from the suppliers to participating hospitals. In 2018 alone, participants received $176 million in total cash rebates.
“In addition to the upfront benefits of cost savings and improved efficiency, the Impact Standardization Program continues to provide value, enabling participants to reinvest into their own organization,” said Ashur Novick, Vizient senior director, program services. “Not only are they saving money and managing fewer vendors and product codes, the program’s quarterly rebates often enable them to fund other initiatives like IT and even staffing.” But, he adds, “The primary benefit to standardization is that reducing clinical variation leads to better patient care.”
Vizient recognized the results of Impact Standardization Program participants in three categories:
- Executive Savings: earned at least $250,000 in rebates through Impact programs.
- Participation Leader: participated in and earned rebates in all 12 Impact programs.
- Participation Award: participated in 11 non-food Impact programs and utilized a Vizient food and nutrition services agreement.
“As a top 15 health system, Aspirus continues to focus its energy and efforts on providing high value care to the patients and communities we serve. As we continue our journey of excellence and strive to drive out unnecessary clinical variation, the Vizient Impact Standardization Program has been one of those core supply chain initiatives that has significantly impacted our ability to improve clinical outcomes, enhance patient safety and of course, control supply costs,” said Gary H. Rakes, vice president of supply chain for Aspirus, Inc. “We continue, year after year, to participate in the Vizient Impact program and consider this program a strategic opportunity that plays at the intersection of cost, quality and outcomes, which always delivers positive results. We are indeed honored to be recognized by Vizient for our standardization efforts.”
Vizient has been an industry leader in helping providers drive down costs through standardization since 1996. The complete list of hospitals and health systems recognized for their 2018 achievements can be viewed here.
About Vizient, Inc.
Vizient, Inc. provides solutions and services that improve the delivery of high-value care by aligning cost, quality and market performance for more than 50% of the nation’s acute care providers, which includes 95% of the nation’s academic medical centers, and more than 20% of ambulatory providers. Vizient provides expertise, analytics and advisory services, as well as a contract portfolio that represents more than $100 billion in annual purchasing volume, to improve patient outcomes and lower costs. Vizient has earned a World’s Most Ethical Company designation from the Ethisphere Institute every year since its inception. Headquartered in Irving, Texas, Vizient has offices throughout the United States. Learn more at www.vizientinc.com.