Accomplishing reduced clinical variation leads to better patient care
IRVING, Texas (BUSINESS WIRE), September 28, 2020 - Vizient, Inc. announces the recognition of 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. The list of recognized members may be viewed here.
Since the Impact program’s inception in 1996, Vizient has delivered over $2.16 billion in rebate value to the hospitals it serves. One hundred percent of these rebates pass directly from the suppliers to participating hospitals. In 2019 alone, participants received $182 million in total cash rebates.
“Vizient’s Impact Standardization Program is a valuable tool to help our member organizations reduce supply costs while not compromising clinicians’ ability to access high quality products,” said Ashur Novick, senior director, program services for Vizient. “In fact, the primary benefit of the program is that the reduction in product variation leads to better patient care. At the same time, it offers substantial rebate earnings and an easing of inventory management.”
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 13 Impact programs.
- Participation Award: participated in 12 non-food Impact programs and utilized a Vizient food and nutrition services agreement.
“At Sharp HealthCare, we pride ourselves in our value-based cost and quality strategic sourcing methodology and outcomes,” said Ryan Koos, interim chief supply chain officer for Sharp HealthCare. “We continually strive to look for ways to maximize our existing relationships with our strategic business partners and clinicians. The Vizient Impact Program has helped Sharp realize significant value since adoption of the program. As San Diego’s HealthCare leader, innovation within our supply network is key in ensuring Sharp is able to continue serving the needs of our patient population.”
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.