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Through the expanded long-term agreement, MedAssets will support Scripps Health as it transitions pharmacy services in-house and will provide expertise in clinical pharmacy, identifying both clinical and operational improvements for efficiency and savings opportunities.
Since 2002, MedAssets has provided Scripps Health with spend management solutions to lower supply costs and increase the operational efficiency of its supply chain. The health system has saved more than $40 million over eight years utilizing MedAssets' GPO, supply chain analytics and medical device consulting services. In addition, supply costs as a percentage of net revenue have continuously decreased for the last five years. Scripps Health has also utilized MedAssets revenue cycle management solutions for more than seven years.
Scripps Health is a non-profit healthcare delivery network with four acute-care hospitals, more than 2,600 affiliated physicians and 12,700 employees. Its extensive outpatient network includes 19 clinics as well as home healthcare and associated support services. Scripps supports more than 68,000 inpatient visits and over 1.6 million outpatient visits annually, and generated approximately $2 billion in revenue in 2008.
"Scripps Health continues to benefit from our partnership with MedAssets, taking advantage of greater savings in commodities, the ability to effectively manage pricing for medical devices preferred by our physicians and access to technology that affords greater opportunities for efficiency," said John Armstrong, Corporate Vice President, Supply Chain Management, Scripps Health. "Supported by MedAssets, we have implemented sustainable process improvements in our supply chain operations that allow us to focus our objectives on additional opportunities to improve our margins while serving our organization and our community."
"Our relationship with MedAssets continues to grow as a result of attaining our financial improvement objectives throughout the years," said Chris Van Gorder, President and CEO, Scripps Health. "These accomplishments help us stay focused on our mission to deliver the highest levels of patient care for our community."
"We are proud of MedAssets' proven track record of delivering savings for Scripps Health year over year," said John Bardis, Chairman, President and Chief Executive Officer, MedAssets. "Scripps Health has an amazing turnaround story in its quest for operational and financial improvement, and we look forward to providing continuous margin improvement strategies as they pursue growth and expansion plans."
About MedAssets
MedAssets (NASDAQ: MDAS | Quote | Chart | News | PowerRating) partners with healthcare providers to improve their financial strength by implementing spend management and revenue cycle solutions that help control cost, improve margins and cash flow, increase regulatory compliance, and optimize operational efficiency. MedAssets serves more than 125 health systems, 3,300 hospitals and 30,000 non-acute care healthcare providers. For more information, visit www.medassets.com.
About Scripps Health
Founded in 1924 by philanthropist Ellen Browning Scripps, Scripps Health is a $2 billion nonprofit community health system based in San Diego, Calif. Scripps treats a half-million patients annually through the dedication of 2,600 affiliated physicians and 12,700 employees among its five acute-care hospital campuses, home health care services, and an ambulatory care network of clinics, physician offices and outpatient centers. Recognized as a leader in the prevention, diagnosis, and treatment of disease, Scripps is also at the forefront of clinical research and graduate medical education.
mdas/B
SOURCE: MedAssets, Inc.
MedAssets, Inc. Media Contact: Regina Haas, 678-624-7420 pr@medassets.com or Investor Contact: Robert Borchert 678-248-8194 rborchert@medassets.com
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