MedAssets Inc. provides technology-enabled products and services for hospitals and health systems. The Company’s technology-enabled solutions are delivered primarily through company-hosted, or ASP-based, software supported by enterprise-wide sales, account management, implementation services and consulting.
The firm’s Spend and Clinical Resource Management (SCM) segment is its largest, with more than 60% of sales. It operates a group purchasing organization (GPO) that negotiates lower prices on medical supplies and devices for hospitals and health systems. The firm’s Revenue Cycle Management (RCM) segment provides software and consulting services that help track and analyze a hospital’s revenue stream. MedAssets’ customers include more than 4,500 hospitals and about 123,000 non-acute health care providers mainly in the US, but also in Canada. Pamplona Capital Management bought MedAssets for $2.75 billion in early 2016.
In 2016, investment manager Pamplona acquired the company for its revenue cycle operations for $2.75 billion. It merged MedAssets’ RCM segment with its recently acquired health information management firm Precyse; that move broadened the company’s offerings, as Precyse specializes in documenting treatments for insurers. MedAssets’ Precyse was rebranded as nThrive. To build the combined operation, Pamplona will invest in call centers and a sales force, as well as searching for other prospective company acquisitions.
Pamplona has also agreed to sell MedAssets’ SCM and GPO segments to Vizient (formed from the merger of hospital network VHA and academic medical center alliance UHC). Vizient is the nation’s largest member-driven health care performance improvement company in the country, whose expertise spans across the continuum of care. We serve thousands of health care organizations across the nation, from independent, community-based organizations to large, integrated systems including acute care hospitals, academic medical centers, non-acute community health care providers and pediatric facilities
In addition to its GPO services, MedAssets’ SCM segment provides technology-enabled services to help customers manage their expense categories. Meanwhile, the RCM segment helps customers manage their revenue cycles through such offerings as pricing analysis, claims processing, denials management, payor contract management, and accounts receivable services. Such services aim to increase collections and reduce account balances.
The company is headquartered in Georgia with offices in Massachusetts, Colorado, Missouri, Washington, Florida, California, New Jersey, Texas, and Tennessee.
MedAssets sells its products and services through an in-house sales team. It also maintains a software development group, which accounts for most of its R&D expenditures, for creating new software products. In some cases, rather than simply competing against other large group purchasing organizations, the company will actually contract with them as affiliates to extend its product range and share marketing efforts. Vendors, including more than 2,300 contracted manufacturers and distributors, pay administrative fees to MedAssets based on the volume purchased by its health care-providing clients.
As US health care policies shift and sway, MedAssets aims to remain a steady partner to its customers who have been scrambling to not only upgrade to electronic health record systems, adding more reimbursement codes, but also keep abreast of changes to managed care reimbursement plans and track consumer out-of-pocket payments. These expensive pressures help Med Asset’s solutions look quite attractive to hospitals and health systems.
MedAssets is expanding its product offerings to better serve customers. To improve its revenue cycle management solutions, the company expanded its partnership with Cerner to provide interoperable solutions. The companies aim to combine Cerner’s patient accounting offering with MedAssets’ claims management program to enhance the claims handling process.
MedAssets needed to efficiently handle disparate data sources and efficiently query data to provide management with a single version of the truth.
iOLAP’s team developed an implementation strategy and coordinated execution of a custom Salesforce module, including quality assurance. Next they created customized SQL queries to produce appropriate data and metrics for specific client billing agreements, operation analysis, and client account reviews. iOLAP then analyzed trends and used statistical analysis of historical data to forecast incoming requests, projected output, and expected efficiency. They collaborated with the database administration team to set up automated processes, and modify database tables, for reporting purposes.
MedAssets now has dashboards to report productivity and workloads to streamline process flow, which reduced turnaround times by an average of twenty-five percent (25%). Story boards and presentations were created for management team to discuss performance trends and projections. iOLAP provided ad-hoc research and quantitative analysis using visual analytics for executive team to have the ability to formulate actionable strategies.