Medpricer Reports U.S. Hospitals Collectively Overspend an Estimated $39B Annually on Purchased Services

Thursday, December 27, 2018 Hospital News
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The company saves its customers 24% on purchased services spend, reducing overall operating costs

GUILFORD, Conn., Dec. 27, 2018 /PRNewswire-PRWeb/ -- Medpricer, the leading purchased services cost management solution

for the healthcare industry, announced today that American hospitals overspend an estimated $39 billion on purchased services, which encompass all outsourced contracts – both clinical and non-clinical.

Purchased services account for approximately 20% of a hospital's total operating costs. According to the American Hospital Association, registered U.S. hospitals spent $991 billion on annual operating expenses in 2017. Taking the 20% equation into consideration, this means approximately $198 billion of that spend can be attributed to purchased services expenses. Medpricer customers regularly see 24% savings on their purchased services, which equates to a total of $39 billion left on the table annually.

To achieve meaningful savings on purchased services, Medpricer helps its customers benchmark their spend, analyze their supplier contracts, and manage the entire sourcing lifecycle through their proprietary mSource software platform. With end-to-end sourcing systems in place, healthcare providers have collectively saved $700 Million with Medpricer.

"We are dedicated to elevating the supply chain and enabling hospitals to lead purposeful, efficient sourcing strategies," said Medpricer CEO Chris Gormley. "With nearly 15 years of experience in gathering marketplace intelligence and with our ever-expanding product line, our growing team is eager to continue healthcare organizations achieve further sourcing independence and improve their financial health in 2019."

For more information on Medpricer, please visit http://www.medpricer.com.

About Medpricer For more than a decade, Medpricer has helped move savings strategies forward with scalable purchased services solutions that improve sourcing efficiency and financial health. Their industry-leading software, mSource®, is the only all-in-one contract management, negotiation, and analytics platform that enables organizations to tailor contract terms to fit their unique needs – not those of a group. Engage with your purchasing data, learn from market intelligence, unite your stakeholders, and move contracts through the pipeline – faster. No catches, no hidden admin fees. Discover substantial savings and deliver outcomes that continuously improve the quality of patient care. To learn how other leading healthcare providers are transforming their savings strategy, call (888) 453-4554 or visit http://www.Medpricer.com.

 

SOURCE Medpricer



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