Hackensack University Medical Center Experts Will Discuss Strategies for Healthcare Cost Containment at PayStream Summit

LOUISVILLE, Colo., Sept. 19, 2011 /PRNewswire/ -- Three experts from Hackensack University Medical Center (HUMC) will present strategies for bringing healthcare costs under control through improved data visibility and supply chain automation at the PayStream Summit Sept. 19-21 in Kansas City. The strategies, a number of which were enabled by supply chain management technologies from GHX, positioned the institution for long-term success.

Karl Blomback, vice president of Finance; Mike Goolsby, director of Materials and Applications; and Francisco Maciel, manager of Accounts Payable, will share what they've learned in a one-hour session beginning at 11:50 a.m. CDT on Sept. 21. The presentation is based on a new case study that details how HUMC, working with GHX, built a foundation of accurate, up-to-date data, automated its purchasing processes and leveraged collaboration among functional areas to achieve cost savings and increase revenue.

Blomback feels strongly that a hospital should "operate like a business," maximizing revenue and keeping a tight rein on expenses, so it can efficiently continue fulfilling its mission of providing excellent patient care. Yet he estimates the vast majority of hospitals in the U.S. are unable to understand their cost of doing business because they either don't have the cost data they need or the data they do have is wrong.

"Visibility to spend equals control over spend," he says. "Having a foundation of good data can make the difference between a hospital making money and losing money."

HUMC employed an accounts payable automation solution from GHX, along with content and contract management software, to help it achieve its cost-cutting goals.

"Healthcare providers are under intense pressure to reduce their cost of operations as they prepare for an environment that will require them to provide higher quality care at lower cost," said Derek Smith, executive vice president of Marketing and Product Management, GHX. "Hackensack took a proactive approach to cost containment, using connectivity to the GHX trading exchange and software solutions we provide to help facilitate change across their organization and capture significant savings resulting from their initiatives."

About GHX

Global Healthcare Exchange, LLC (GHX) makes healthcare more efficient by delivering software and services that enable both healthcare providers and suppliers to increase efficiency, lower costs and provide better patient care. With the largest footprint in healthcare supply chain management, GHX connects more than 80 percent of licensed hospital beds at U.S. hospitals, as well as providers in Canada and Europe, with the suppliers from which they purchase the majority of their medical-surgical supplies. GHX is transforming today's linear healthcare supply chain into the industry's only Healthcare Supply Cloud(SM), providing 360-degree visibility into areas affecting both clinical and financial performance. Working with GHX, organizations can improve business processes, automate supply chain systems and collaborate to solve the tough challenges facing healthcare today. GHX is owned by members of the healthcare industry, including Abbott Exchange, Inc.; AmerisourceBergen Corp.; Baxter Healthcare Corp.; B. Braun Medical Inc.; BD; Boston Scientific Corp.; Cardinal Health, Inc.; Covidien; C.R. Bard, Inc.; Thermo Fisher Scientific Inc.; GE Healthcare; HCA; Johnson & Johnson Health Care Systems Inc.; McKesson Corp.; Medtronic USA, Inc.; Owens & Minor; Premier, Inc.; Siemens; University HealthSystem Consortium; and VHA Inc.  For more information, visit www.ghx.com. Follow GHX on Twitter @GHX_LLC and on Facebook @GHX.

SOURCE GHX