Lower Cost Of Care With Expanded Strategic Sourcing Relationship
By Karla Paris
LHP Hospital Group’s complex healthcare supply chain has been brought under control to align cost of care with patient outcomes.
Due to rising pressure from ever-changing healthcare reform policies, establishing a sustainable cost reduction strategy has become vital for healthcare providers. Waste can include spending on services that lack evidence of producing better health outcomes compared to less-expensive alternatives; inefficiencies in the provision of healthcare goods and services; and costs incurred while treating avoidable medical injuries, such as preventable infections in hospitals. It can also include fraud and abuse.
LHP Hospital Group, Inc., a pprivate equity firm which forms joint ventures to own, operate, and manage acute care hospitals, recently announced it has expanded its cost management and clinical alignment solutions for its hospitals.
Healthcare performance improvement solutions provider MedAssets, Inc. renewed and extended its relationship with privately held company, LHP Hospital Group, Inc.
With the agreement, both the companies will be able to streamline processes and improve performance across the 1,333-bed, six-hospital healthcare group. Hospitals and medical centers within the LHP Hospital Group include:
- Portneuf Medical Center (PMC)
- Texas Health Presbyterian Hospital-WNJ
- HackensackUMC Mountainside
- HackensackUMC at Pascack Valley
- Bay Medical Center
- Seton Medical Center Harker Heights
“New business models, cost pressures, and shrinking reimbursements are contributing to an already complex healthcare supply chain, making it imperative for providers to look at streamlining processes and opportunities for optimization,” said John Ehrie, executive vice president and chief financial officer, LHP Hospital Group, Inc.
The solutions integrated include Supply Chain Solutions, Procure-to-Pay Solutions, Cost Analytics, and Operational Improvement Solutions, on top of deploying MedAssets Strategic Sourcing under its existing agreement.
LHP will employ MedAssets’ Supply Chain Management and Performance Improvement Consulting services to identify and prioritize opportunities for improving cost management and utilization through a data-driven methodology. MedAssets will provide onsite representation to help refine the value analysis structure within LHP hospitals to quantify savings opportunities against industry-leading metrics and identify variations in utilization.
In addition, LHP will leverage a wide array of MedAssets Procure-to-Pay Solutions to automate purchasing operations and gain further visibility into spending.
SOURCE: Globe Newswire