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.