More than 550 suppliers and 1,500 providers gathered in Las Vegas, Nev., this spring for the MedAssets Healthcare Business Summit. “The primary goal of hosting this one-of-a-kind event is the sharing of best practices and innovation among the key stakeholders in healthcare,” said MedAssets Chairman, President and CEO John Bardis. This year’s Healthcare Business Summit offered more than 90 education sessions across 16 tracks, as well as an exhibit fair.
“The economic model of our healthcare system is broken, and our nation has made critical choices to fix it. No news there,” he told attendees. “What is less covered, but no less newsworthy, are the pragmatic choices now underway by clinical, operational and administrative industry professionals across the country.
“It is people such as those attending this event – often unheralded individuals – who now carry the great responsibility to adopt conceptual models and imposed regulations and translate them into a workable reality for the betterment of our country, your community and fellow citizens.
“It is our strong belief – in fact, MedAssets was founded on the belief – that there is great, workable opportunity to create more consumer-driven, value-based healthcare economics. It is our belief there is a better future whenever fair, practical market principles are used to better society – because, fundamentally, these principles rely on informed choices of free people.
President’s Award
Alameda Health System (AHS) received the 2013 MedAssets President’s Award in recognition of its “bold, comprehensive performance improvement and change management initiative put in place to enhance operational efficiency.”
“To become a high functioning organization, we have to provide exceptional care efficiently and cost-effectively in order to sustain our mission,” said Wright Lassiter, chief executive officer, Alameda Health System. “More importantly, we must have pragmatic strategies in place to ensure patient safety and extraordinary service.”
MedAssets identified $19.6 million in potential annual savings for AHS in five areas: supply expense; process improvement and labor utilization; purchased services and pharmacy; physician preference items; and capital and construction. By implementing what the AHS team calls “BETTER” (Building Excellence Through Transformation Expense and Reduction), the IDN created a model that supports future initiatives, provides accountability for cost reductions and operational gains, and keeps the organization focused on the overall value it must deliver.
AHS was ahead of schedule with a 2 percent reduction in operating expenses and $10 million in validated savings. In 18 months, AHS’s operating expenses fell 5 percent, for total savings of $19 million. AHS also is using MedAssets revenue cycle services to improve collections, manage the business office in one of its hospitals and rebill rejected claims. In the first 18 months, MedAssets has captured an additional $11 million in revenue for AHS.
Other award winners recognized at the Healthcare Business Summit were:
- 2013 Norman Borlaug Humanitarian Award: Gladys and Edgar Guitz of Potter’s House were honored for their humanitarian efforts to guide children and families who live in Latin America’s largest garbage dump out of poverty and toward a better life.
- 2013 George Herbert Walker Bush Pacesetter Award: Sgt. 1st Class Leroy Petry, 2ndBattalion, 75th Army Ranger Regiment of the United States Army and Medal of Honor recipient was recognized for his heroic efforts during Operation Enduring Freedom in 2008. Petry lost his right hand in a grenade explosion while saving the lives of two fellow Rangers.
- 2013 Diverse Supplier Award: Kerma Medical Products was recognized for its support in building strong and diverse communities to help improve the quality of healthcare.
- 2013 President’s Award for a Supplier: Michael Stoia, national account manager, GE Healthcare, was recognized for his work in demonstrating superior contract value and exemplary sales and market share growth to MedAssets clients.