Verity Health System Engages Premier Inc. for Total Cost Management

CHARLOTTE, N.C.–(BUSINESS WIRE)–Premier Inc. (NASDAQ: PINC), a leading healthcare improvement company,
and Verity Health System, a regional California health system with six
hospitals, have extended and expanded their relationship.
Verity Health System is formerly known as the Daughters of Charity
Health System, which worked with Premier for more than fifteen years
engaging in group purchasing and performance improvement services. In
December 2015, the health system recapitalized its operations and
transitioned its leadership to the new Verity Health System. In addition
to extending its existing relationship, Premier performance services
will support Verity Health System’s transformation to total population
health and cost management.
“Our goal is to revitalize our hospitals to serve their communities for
generations to come,” said Verity Health System Chief Financial Officer
Stephen Forney. “One of our strategies involves a transformation of our
healthcare practices in cost and quality management. We plan to work
with Premier to improve quality, enhance physician alignment and better
control costs.”
Premier will provide advisory services to support Verity Health System’s
major cost imperative with a focus on improving sourcing, pharmacy,
physician preference item and purchasing practices. This engagement is
expected to unify system-wide purchasing, eliminate variation, improve
resource utilization and support the health system’s strategic
transition to alternative payment models, such as bundled payment.
Verity Health System also will implement Premier’s cloud-based supply
chain sourcing, contracting and catalog management analytics, which are
powered by the PremierConnect^®
performance improvement platform. PremierConnect analytics are
interoperable and complement Verity Health System’s access to Premier
quality analytics and purchasing data. The technologies will be
integrated so that clinical and financial information is monitored and
managed in one place. PremierConnect houses clinical data on 40 percent
of the patients discharged from U.S. hospitals and $48 billion in annual
purchasing information, which providers use to compare cost and quality
outcomes with peers for evidence-based decisions.
“We look forward to working with Verity Health System to build a modern
and more efficient environment for its hospitals to better serve their
communities,” said Susan DeVore, president and CEO of Premier. “We’re
thrilled to support them in this effort to positively impact both
patient outcomes and costs.”
The financial impact of the agreement was not disclosed.
About Verity Health System
Verity is a nonprofit, nonreligious healthcare System including: St.
Francis Medical Center in Lynwood, St. Vincent Medical Center in Los
Angeles, O’Connor Hospital in San Jose, Saint Louise Regional Hospital
in Gilroy, Seton Medical Center in Daly City and Seton Coastside in Moss
Beach. The Verity Medical Foundation is based in San Jose. The System’s
corporate headquarters are located in Redwood City. For more information
visit https://verity.org/.
About Premier Inc.
Premier Inc. (NASDAQ: PINC) is a leading healthcare improvement company,
uniting an alliance of approximately 3,750 U.S. hospitals and 130,000
other providers. With integrated data and analytics, collaboratives,
supply chain solutions, and advisory and other services, Premier enables
better care and outcomes at a lower cost. Premier, a Malcolm Baldrige
National Quality Award recipient, plays a critical role in the rapidly
evolving healthcare industry, collaborating with members to co-develop
long-term innovations that reinvent and improve the way care is
delivered to patients nationwide. Headquartered in Charlotte, N.C.,
Premier is passionate about transforming American healthcare. Please
visit Premier’s news and investor sites on www.premierinc.com;
as well as Twitter,
Facebook,
LinkedIn,
YouTube,
Instagram
and Premier’s
blog for more information about the company.
Forward-looking statements
Matters discussed in this release that are not statements of historical
or current facts, such as Verity Health System’s anticipated use of
Premier’s supply chain and performance services at expected levels, as
discussed herein, are “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements may involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or achievements
of Premier to be materially different from historical results or from
any future results or projections expressed or implied by such
forward-looking statements. Accordingly, readers should not place undue
reliance on any forward looking statements. In addition to statements
that explicitly describe such risks and uncertainties, readers are urged
to consider statements in the conditional or future tenses or that
include terms such as “believes,” “belief,” “expects,” “estimates,”
“intends,” “anticipates” or “plans” to be uncertain and forward-looking.
Forward-looking statements may include comments as to Premier’s beliefs
and expectations as to future events and trends affecting its business
and are necessarily subject to uncertainties, many of which are outside
Premier’s control. More information on potential factors that could
affect Premier’s financial results is included from time to time in the
“Forward Looking Statements,” “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” sections of Premier’s periodic and current filings with the
SEC and available on Premier’s website at investors.premierinc.com.
Forward looking statements speak only as of the date they are made.
Premier undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise that occur after that date.