Vizient Collaboration with MedShorts Enables Members to Save on Drug Costs
IRVING, Texas--(BUSINESS WIRE)--Dec 3, 2018--In June 2017, Vizient began collaborating with the independent software company MedShorts to develop a first-to-market platform that allows pharmaceutical manufacturers to channel their surplus inventory directly to hospital pharmacies. Since that time, over 300,000 units of medication have been successfully matched and connected to hospital pharmacies with immediate patient needs, at reduced costs, mitigating obsolete inventory and pharmaceutical waste.
MedShorts, a Vizient supplier, is an online marketplace that connects hospital pharmacies with short-dated drugs (medications with less than 12 months dating). Vizient has been the only GPO on the MedShorts platform since its inception.
The MedShorts platform is based on basic supply and demand principles. Pharmaceutical manufacturers have the responsibility of providing sufficient supply of vital medications for patients in need to all health care systems and facilities throughout the nation.
When production exceeds demand, surplus inventory begins the countdown to its expiration date. When the inventory falls below 12 months to expiration, drug-wholesale distributors rarely have interest in buying such batches. Without a dedicated channel outlet for short-dated drugs, medications nearing the end of their shelf life are often neglected and inevitably destroyed each month. Not only is this an added cost burden to the pharmaceutical supply chain, it is also exacerbating the environmental impact of unused drugs.
“It has been exciting to see the growth in the number of members using this platform. Over 300 Vizient member pharmacies have begun using the MedShorts technology to drive down their drug spend and improve procurement access,” said Bill Woodward, vice president, contracting and program services at Vizient. “Hospital pharmacists can easily shop surplus supply from manufacturers that list products. The new and dynamic shelf-life pricing model is resulting in member savings of 30-50 percent of what they would typically spend on the product.”
MedShorts showcased their platform at Vizient’s 2017 Innovative Technology Exchange, which was held in conjunction with its Fall Connections Summit. MedShorts was deemed an Innovative Technology by the member attendees. MedShorts is also the first pharmacy program to ever qualify for the environmentally preferred sourcing attribute. The online marketplace applies purchase history data to display customized analytics – matching current listings with each pharmacy’s most utilized drugs, calculating potential savings, targeted email alerts and reporting on actual cost reductions.
“The collaboration between Vizient, our members and MedShorts has been instrumental in getting this ordering platform off the ground. Members agreed to participate in the pilot and provided invaluable feedback that MedShorts then incorporated into their platform,” said Woodward. “Now we are providing an easy and innovative way for our members to save money on drugs they are already buying while also improving the supply chain.”
About Vizient, Inc.
Vizient, Inc., the largest member-driven health care performance improvement company in the country, provides innovative data-driven solutions, expertise and collaborative opportunities that lead to improved patient outcomes and lower costs. Vizient’s diverse membership base includes academic medical centers, pediatric facilities, community hospitals, integrated health delivery networks and non-acute health care providers and represents approximately $100 billion in annual purchasing volume. The Vizient brand identity represents the integration of VHA Inc., University HealthSystem Consortium and Novation, which combined in 2015, as well as MedAssets’ Spend and Clinical Resource Management (SCM) segment, including Sg2, which was acquired in 2016. In 2018, Vizient again received a World’s Most Ethical Company designation from the Ethisphere Institute. Vizient’s headquarters are in Irving, Texas, with locations in Chicago and other cities across the United States. Please visit www.vizientinc.com as well as our newsroom, blog, Twitter, LinkedIn and YouTube pages for more information about the company.
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CONTACT: Angie Boliver
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE PRACTICE MANAGEMENT HEALTH HOSPITALS PHARMACEUTICAL MEDICAL SUPPLIES
SOURCE: Vizient, Inc.
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PUB: 12/03/2018 06:00 AM/DISC: 12/03/2018 06:01 AM