Medpricer, the only complete cost management solution for purchased services, today announced record results for the first quarter ending March 31, 2017, nearly doubling 2016 first quarter negotiated electronic spend.
Medpricer has experienced a significant increase in live electronic negotiation volume. In the first quarter of 2017 Medpricer negotiated 83% more in purchased services spend (compared to the same period in the previous year) within its purchased services sourcing platform while achieving an average awarded savings level of 17%.
“The consistent increase in purchased services negotiation volume confirms the growing demand for savings among healthcare organizations,” explained Chris Gormley, CEO of Medpricer. “In the first quarter alone, Medpricer negotiated contracts for our customers generating a threefold increase in savings from our first quarter last year and a 42 percent increase over last quarter. As hospitals and health systems are being forced to make drastic cuts, proactive organizations are aggressively pursuing savings in purchased services and other departments to protect their bottom line.”
Using Medpricer’s purchased services cost management solutions during the first quarter of 2017, healthcare organizations realized substantial cost savings in nearly 20 categories including:
- Food and Nutrition Services – 13.0%
- Parking and Valet Services – 6.3%
- Patient Transport – 24.3%
- Transcription Services – 24.2%
“Anticipating the growing need, Medpricer has developed a technology solution that gives healthcare systems even greater control and power to generate savings. Our recently released mSource technology platform empowers our customers to gain and retain significant savings, on their own using the same proven process and methods Medpricer has used for nearly 12 years,” Gormley added.