University Health System earns top spot for cost savings & efficiency
University Health System has received a national award for reducing costs by more than $13 million in a single year. This was done through a comprehensive program that assures high quality care for patients while improving efficiencies to maximize resources and save money.
MedAssets, an organization that works with more than 4,200 hospitals across the country to control costs and optimize efficiency, presented University Health System with its 2012 President’s Award during its annual Healthcare Business Summit this week. The Health System’s total savings were the highest of any of MedAssets’ clients.
“We applaud University Health System for its achievements in care delivery, innovation and transparency, and are honored to have played a role in supporting their success,” said MedAssets founder, president and CEO John Bardis.
The Health System was recognized for its success in reducing purchasing expense and supply costs, standardizing medical and office supplies, improving efficiencies and enhancing revenue. More than $13 million in savings were achieved from operations in 2012 — plus an additional $2 million from capital costs and $1.9 million in savings from Capital Improvement Program construction activities.
University Health System began working with MedAssets in 2011 in response to funding cuts and uncertainty over healthcare reform.
“I am proud to say the Health System executive team charged with improving efficiencies and reducing expense not only met this challenge, they approached it strategically, comprehensively, and in a way that assures accountability and sustainability,” said University Health System president and CEO George B. Hernández Jr. “This award is a direct reflection of their efforts to engage teams across all of our locations to work together to discover opportunities for savings, transform processes and focus on our Triple Aim plus initiatives to improve quality, our patients’ experience, efficiency, and access to care.”