ATLANTA, Sep 30, 2009 - MedAssets (NASDAQ: MDAS) today launched Service Line Analytics, an on-demand business intelligence solution designed to identify and drive sustainable financial improvement in the management of high-cost medical devices, supplies, pharmaceuticals, ancillary services, length of stay, and other key hospital cost drivers.
Service Line Analytics combines MedAssets' technology with the clinical utilization expertise of its Aspen Healthcare Metrics subsidiary to gather, interpret and report on actionable clinical, financial and supply cost data by clinical service line and specific patient population. Service Line Analytics helps healthcare executives significantly reduce costs while improving patient outcomes through a cohesive understanding of interlinked reimbursement, supply cost, supply utilization, clinical factors and other resource utilization by physician and MS-DRG. Opportunity areas include medical, surgical and implant supply price, utilization of those supplies, pharmacy utilization, physician preference item (PPI) pricing and length of stay (LOS) supply usage.
Health systems representing more than 30 facilities have assisted in the product development through beta testing of the Software as a Service (SaaS) offering, including Atlantic Health, Baptist Health System, Carilion Clinic and Carondelet Health Network.
"Service Line Analytics provides a detailed and comprehensive analysis with an easy to use interface that is unlike any other solution we have seen. It helps us define our strategy and engage our clinical staff as part of the cost savings identification process, which leads to sustainable financial improvement. Service Line Analytics is an incredibly effective tool for deep-dive views into supply cost and utilization. It highlights their effect on patient outcomes so that we are armed with the information we need to affect change in a relevant time frame," said Joe DiPaolo, Chief Supply Chain Officer, Atlantic Health.
Service Line Analytics helps a hospital or health system to:
- Answer "What should our supply spend be?" by using MedAssets' Supply Intensity Metric, a more accurate methodology to gauge supply chain performance by comparing a hospital or health system against other organizations with a similar patient mix and procedure profile in order to determine how it is performing against its peers.
- Define cost savings opportunities by dissecting data down to the service line, physician or patient level, in order to help administrators and physicians better understand their organization's true spend and how it relates to patient outcomes.
- Measure and track an organization's progress on a month-by-month basis through a real-time dashboard that highlights credible data in a physician-ready format and illustrates achievement of targets, expected variances and changes in key spend indicators.
- Partner with expert Service Line Analytics "coaches" who provide direction, data interpretation and strategy development to assist organizations with change management to drive organizational and behavioral change.
Dan Piro, President of Aspen Healthcare Metrics, said that Service Line Analytics is one of the few tools on the market that combines technology for data analytics with a proven methodology for change management. "Before hospitals can manage costs, they must first understand their true supply spend, and how it relates to their service lines and patient outcomes. With Service Line Analytics, hospitals and health systems have credible data at their fingertips in a physician-ready format, helping to drive positive change at the physician, service line and patient level."
To learn more about MedAssets' Service Line Analytics, go to www.medassets.com/servicelineanalytics.