Scripps Health Expands MedAssets Relationship With Automated Invoice Management Services Powered by Ariba
08 October 2015 - 11:30PM
MedAssets (NASDAQ:MDAS) today announced that Scripps Health, a
non-profit regional integrated health system based in San Diego,
Calif., has expanded its relationship with MedAssets to include
Invoice Management Services, powered by Ariba, an SAP company. This
is MedAssets newest component of its procure-to-pay solution set,
and builds on Scripps Health's comprehensive program with MedAssets
to reduce the total cost of care, enhance operational efficiency,
align clinical delivery and improve revenue performance.
MedAssets Invoice Management Services is a best-in-class
solution that leverages Ariba's cloud-based invoice management
applications to enable a "smart invoicing" process through which
invoices are automatically validated against 80+
provider-customized validation rules to ensure that only accurate
and approved invoices reach accounts payable.
"Many companies have implemented solutions to digitize invoices.
But with one in five invoices still containing an overcharge or
other error, it's clear that digitization only leads to inaccurate
invoices being delivered faster," said Alex Atzberger, president,
Ariba. "MedAssets delivers an intelligent invoicing process using
Ariba's Invoice Management solutions that reduces the number of
invoice exceptions materially and provides true "touchless" invoice
processing, resulting in significant labor efficiency gains to
providers."
Additionally, MedAssets Invoice Management Services replaces
costly error prone paper invoices with a clean electronic invoice,
allowing providers to process invoices more quickly, which in turn
improves working capital by minimizing late payment penalties and
maximizing prompt pay discounts. Since all paper invoices are
replaced with an electronic invoice that is digitized down to the
line item level, providers have a comprehensive view of their
supply-chain spend to identify contract and savings opportunities,
even for categories of spend that are traditionally difficult to
analyze, such as purchased services.
"This addition to our agreement is the latest example of how
MedAssets is delivering value and working in partnership with us to
drive costs out of our system, which to date have totaled $425
million," said Chris Van Gorder, president and CEO, Scripps Health.
"We believe that our work together will identify additional
performance improvement opportunities to keep us on track with our
cost-reduction goals. The help overall from MedAssets in moving us
from 'siloed' thinking to lean-process thinking is an important
contributor to that effort."
"We are pleased that Scripps Health has chosen Invoice
Management Services as an element of its overall cost-reduction
strategies. The procurement process presents a significant
improvement opportunity that can deliver substantial savings and
streamline operations," said Mike Nolte, president and chief
operating officer, MedAssets. "As changing reimbursement models in
healthcare continue to squeeze operating margins, procure-to-pay
solutions that reduce costs and increase back-office operational
efficiency represent another way we are working with Scripps to
improve operational and financial performance."
About Scripps Health
Scripps is a private, non-profit, integrated health system in
San Diego, Calif., committed to providing the highest quality care
through five hospital campuses and 30 ambulatory care facilities.
Scripps offers area residents excellent medical care as well as
preventive services and wellness screenings for every stage of
life. U.S. News & World Report's annual "America's Best
Hospitals" issue lists Scripps Health among the best in the nation,
with the combined programs of Scripps Green Hospital and Scripps
Memorial Hospital ranked among the nation's top hospitals in eight
categories.
About MedAssets
MedAssets (NASDAQ:MDAS) is a healthcare performance improvement
company that combines strategic market insight with rapid
operational execution to help providers sustainably serve the needs
of their communities. More than 4,500 hospitals and 123,000
non-acute providers rely on our solutions to reduce the total cost
of care, enhance operational efficiency, align clinical delivery,
and improve revenue performance across the System of CARE. For more
information, please visit www.medassets.com.
MDAS/B
CONTACT: Media Contact:
Lea Volpe
678.248.8203
lvolpe@medassets.com
Investor Contact:
Robert Borchert
678.248.8194
rborchert@medassets.com
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