MedAssets Signs 7 Deals in 30 Days
The revenue cycle management firm has been very busy since launching an IPO late last year.
MedAssets Inc. (Nasdaq: MDAS) has been keeping busy since it went public in December, announcing in the last 30 days deals or expanded contracts with seven medical service providers.
The Atlanta-based firm provides group purchasing and other supply chain services, revenue integrity tools, charge capture and supply chain-revenue cycle linkage, claims processing, denial management and accounts receivables management solutions. It serves healthcare providers including 125 health systems that operate 2,500 hospitals and 30,000 non-acute care healthcare providers.
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On Monday, MedAssets expanded its work for Saint Barnabas Health Care System in New Jersey, extending the contract until 2012. Saint Barnabas operates six hospitals and other healthcare facilities, provides treatment and services to more than 225,000 inpatient and same day surgery patients, 450,000 emergency department patients, over 1.5 million outpatients, and delivers more than 17,500 babies annually.
Last week, MedAssets expanded its partnership with Bon Secours Health System, a Catholic healthcare ministry headquartered in Marriottsville, Maryland, that operates 15 acute-care hospitals, one psychiatric hospital, six nursing care facilities, numerous ambulatory sites, six assisted living facilities, and home health and hospice services. Bon Secours Health System's more than 19,000 caregivers help people in 12 communities in nine states, primarily on the East Coast.
Also last week, MedAssets signed Owensboro Medical Health System (OMHS) to a deal to provide supply chain management, including group purchasing, supply chain analytics and technology tools. Owensboro, Ky.-based OMHS is a regional medical center providing healthcare services to an 11-county region in western Kentucky and southern Indiana. It reported net operating revenue of more than $296 million and more than 17,000 annual admissions for the fiscal year ending May 31, 2007.
On Feb. 5, MedAssets announced two deals, including a multi-year agreement to provide revenue and supply chain solutions for Meridian Health, a not-for-profit comprehensive health care system based in Neptune, New Jersey. Meridian is comprised of over 70 locations and annual system revenue of $965 million.
That same day, MedAssets announced it had expanded its deal with Valley Medical Center to include MedAssets' entire range of supply chain solutions. Valley Medical is a non-profit healthcare provider located in Renton, Wash., that operates a network of 12 community clinics.
On Feb. 1, MedAssets announced that Grand Rapids, Mich.-based Spectrum Health would use its cost accounting, contract management, clinical analytics, and executive dashboard and enterprise wide reporting processes at its seven accredited hospitals, more than 140 service sites and network of primary care physicians.
On Jan. 23, Fort Lauderdale, Fla.-based Broward Health hired MedAssets to provide its group purchasing and supply chain analytics. Broward Health reports it is one of the five largest public health systems in the nation, with a supply spend of more than $162 million; annual net operating revenue of approximately $819 million; annual non-operating revenue of approximately $227 million; and over 62,000 total annual patient admissions.
MedAssets went public on Dec. 13 at $16. Its closing price yesterday was $17.79.
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