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Web-Based Technology Solutions from MedAssets Help Healthcare Providers Manage Pharmacy Spend, Utilization and Pricing for Marg

^{Published on 2010-09-28 07:25:48 - Market Wire}
 

ATLANTA--([ BUSINESS WIRE ])--With pharmacies representing the second largest controllable cost driver for hospitals¹, MedAssets is providing technology and services that help healthcare providers control rising pharmacy costs, increase transparency and improve revenue opportunities. MedAssets launches two new solutions to help providers, CrossWalk® Pharmacy and Strategic Information for Pharmacy.

"Strategic Information for Pharmacy provides a perfect blend of technology and service to our organization. The new portal offers us powerful and intuitive tools for spend analytics and the ability to track the progress and increased value of full cycle discrepancy service from identification to collection."

[ CrossWalk® Pharmacy ], a Web-based solution, offers healthcare providers improved revenue integrity for pharmacy-related supplies. Using CrossWalk Pharmacy, a healthcare provider automatically links the supply chain with the revenue cycle to access accurate cost and pricing data for pharmacy charges. This provides cost transparency and improved coding and chargemaster maintenance for better net revenue capture. The technology also helps healthcare providers maintain defensible pricing strategies. As providers prepare for new reimbursement models, accurate cost data will be imperative.

aAs a four-year CrossWalk user, Orlando Health has experienced significant benefits in revenue capture, price defensibility and improved charge integrity in our medical and surgical supplies,a said Teresa Loomis, corporate director of revenue integrity, Orlando Health. aThe CrossWalk Pharmacy solution will help us improve our visibility into the true cost of our pharmacy spend so we can establish a consistent mark-up strategy to improve our charge integrity in this area.a

With MedAssetsa™ [ Strategic Information for Pharmacy ], a healthcare provider can aggregate and analyze its pharmacy spend data through the Web-based business intelligence tool. It helps manage the full cycle of pharmacy spend by identifying savings opportunities and verifying contract pricing discrepancies. In addition, the solution uniquely combines technology and expert consulting advice through MedAssets pharmacy analysts to provide pharmaceutical spend analytics and credit collections that help healthcare supply chain professionals gain an in-depth view into its pharmacy performance to make important purchasing decisions, identify savings opportunities and manage their budgets.

Dwight Owens, Pharm.D., director of pharmacy at Bristol Regional Medical Center, part of the Wellmont Health System, stated, aStrategic Information for Pharmacy provides a perfect blend of technology and service to our organization. The new portal offers us powerful and intuitive tools for spend analytics and the ability to track the progress and increased value of full cycle discrepancy service from identification to collection.a

aMedAssets has a long history of helping healthcare providers improve efficiency and increase their margins,a said Rand Ballard, Chief Customer Officer and Chief Operating Officer. aWe continue to enhance our offerings to help our customers improve management of pharmacy supplies and expenses. With these two solutions, healthcare providers can enjoy added efficiency and more visibility which will help them contain rising pharmacy costs.a A Webinar focusing on Pharmacy Purchase to Charge Transparency will be hosted by MedAssets on Tues., Sept. 28 from 10 a.m.-11 a.m. CDT and on Thur., Sept. 30 from 2-3 p.m. CDT. To register, [ click here ].

About MedAssets

MedAssets (NASDAQ: MDAS) partners with healthcare providers to improve their financial strength by implementing spend management and revenue cycle management 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 40,000 non-acute healthcare providers. For more information, visit [ www.medassets.com ].

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¹ HealthLeaders Industry Survey 2010