MedAssets, Inc. (NASDAQ: MDAS) announced today that Saint Barnabas Health Care System in New Jersey signed an agreement to expand the breadth of services provided to the multi-hospital system. Saint Barnabas Health Care System has been a MedAssets customer since 2004, and based on the success of the relationship and significant financial results delivered in supply chain management, the relationship has been extended to 2012 and includes the addition of certain revenue cycle management offerings.
Saint Barnabas Health Care System is the second largest private employer in New Jersey with over 20,000 employees. The system operates six hospitals and other healthcare facilities and provides treatment and services to more than 225,000 inpatient and same day surgery patients, 450,000 emergency department patients, over 1.5 million outpatients, and delivers more than 17,500 babies annually.
The expanded agreement includes a continuation of group purchasing and other supply chain services while adding MedAssets’ revenue integrity tools for chargemaster management, charge capture and supply chain-revenue cycle linkage through CrossWalk®. Saint Barnabas Health Care System also uses claims processing, denial management and accounts receivables management solutions from MedAssets’ revenue cycle management segment.
The expansion of our relationship with MedAssets is a natural consequence of working with a company that understands our needs and can deliver significant financial improvement in multiple areas within our organization. MedAssets’ work in our orthopaedic service line saved approximately $4 million in the course of one year, while savings in group purchasing exceeded $1 million,” stated Robert W. Carretta, vice president, Saint Barnabas Health Care System. “MedAssets does not try to change us and make us fit into a certain mold. They help us by engaging in discussions about our business and offering options that fit who we are.”
“By integrating supply chain and revenue management solutions and providing new ways to improve financial performance, MedAssets carries out the vision of lowering overall healthcare costs,” continued Carretta. “MedAssets and Saint Barnabas Health Care System know each other well, and we work together to make decisions that can positively impact our entire organization.”
Rand Ballard, MedAssets’ chief operating officer and chief customer officer, stated, “Our relationship with Saint Barnabas Health Care System has been very successful in helping improve their business performance, so they can continue delivering the best care possible to their community. We feel privileged to have this long-standing relationship, and look forward to working collaboratively with Saint Barnabas Health Care System for many years to come.”
About MedAssets
MedAssets (NASDAQ: MDAS) partners with healthcare providers to improve their financial strength by implementing integrated 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, including 2,500 hospitals and 30,000 non-acute care healthcare providers. For more information, go to www.medassets.com.
About Saint Barnabas Health Care System
The Saint Barnabas Health Care System is New Jersey’s largest integrated health care delivery system. It includes 465-bed Clara Maass Medical Center in Belleville; 587-bed Community Medical Center in Toms River; 350-bed Kimball Medical Center in Lakewood; 527-bed Monmouth Medical Center in Long Branch; 669-bed Newark Beth Israel Medical Center; and 601-bed Saint Barnabas Medical Center in Livingston. The System also includes the Saint Barnabas Outpatient Centers with the Saint Barnabas Ambulatory Care Center in Livingston; Clara Maass Medical Center, West Hudson Division in Kearny, eight nursing and rehabilitation centers and one assisted living facility, ambulatory care facilities, geriatric centers, a psychiatric facility, a state-wide behavioral health network and comprehensive home care and hospice programs. For more information, visit www.saintbarnabas.com.