CHARLOTTE, N.C.--(BUSINESS WIRE)--Virginia Mason Health System, a leading non-profit regional healthcare system serving the Pacific Northwest, and Premier Inc. (NASDAQ: PINC), a healthcare improvement company, have partnered to support Virginia Mason’s ongoing commitment to effective and efficient supply chain and expense management.
As a new member of Premier, Virginia Mason joins a powerful alliance of health systems and will receive access to industry-leading resources and technology solutions that have been proven to enable operational financial excellence and supply chain effectiveness. Premier will also work with Virginia Mason to design and implement an innovative financial strategy and roadmap focused on advancing cost management, savings and overall growth.
“After an intensive due diligence process using neutral, third-party evidence to assess opportunities for expense reduction as well as technology solutions for accuracy in purchasing, item master management, revenue enhancement and clinical performance, Premier quickly emerged as the clear choice capable of taking Virginia Mason to the next level,” said Sean Farley, Senior Director, Supply Chain. “This aligned partnership between our two organizations will not only enhance our overall efficiency but will also help prime Virginia Mason for growth and strong financial health. Because of Premier’s extensive breadth of contracts, cross continuum focus and superior negotiated pricing, we expect to save millions in our first year alone.”
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Virginia Mason will access Premier’s supply chain services, including its group purchasing organization and advanced cost management analytics, to aggregate and standardize spend and utilization data systemwide to pinpoint cost savings opportunities. A focused team of Premier experts will also be dedicated to Virginia Mason to strengthen and accelerate the execution of an evidence-based, clinically-integrated supply chain.
“Virginia Mason and Premier share a vision for highly efficient, cost-effective healthcare, and we a thrilled to welcome them to our growing membership,” said Michael J. Alkire, President of Premier. “We understand the required organizational change to realize this vision can be difficult to navigate without the right strategic partners. We’re looking forward to our partnership with Virginia Mason and the direct impact this partnership will have on their financial health.”
The financial impact of the agreement with Virginia Mason was not disclosed.