Vizient, a largest provider-driven healthcare performance improvement company, announced it has completed the acquisition of PrefTech OR, a next-generation, cloud-based preference card management (PCM) software that helps healthcare providers optimize their operating rooms to increase workflow efficiency, lower costs and improve patient care.
Operating rooms are among hospitals' largest cost centres, and they also generate more than 50% of their annual revenue. Physician preference cards are an essential part of every surgical service department as they contain detailed information about each surgeon's preferences for medical supplies, instruments and room set up for surgery. Inaccurate information can result in improper room setups that create supply waste, increase labour costs and delay patient care.
Part of our Spend Management strategy is focused on acquiring solutions that enable Vizient to leverage analytics and insights in specific spend categories. A physician preference card solution is critical for capturing unique data sets in the perioperative setting across all types of providers.
"The PrefTech OR technology will greatly enhance how our subject matter experts partner with healthcare providers," said Simrit Sandhu, president, Spend Management. "The powerful combination of PrefTech OR as an in-house technology and Vizient's preference card management process improvement expertise, along with our data assets, will deliver a services-led, data- and technology-enabled, integrated solution."
PrefTech OR continuously monitors preference card quality, automatically generates actionable guidance and identifies savings opportunities. In addition, it supports our strategy to advance a comprehensive Spend Management approach. It will also help providers identify opportunities to reduce clinical variation across similar procedures and create operational efficiencies, leading to fewer wasted supplies and room set up delays, greater billing accuracy and opportunities for standardization across procedures, all of which can improve clinical outcomes and revenue.
Additionally, the technology enhances Vizient's ability to help providers digitize the supply chain, create safer and more efficient workflows, improve staff and physician satisfaction and enable clinicians to prioritize care delivery.
Vizient, Inc., the nation's largest provider-driven healthcare performance improvement company, serves more than 60% of the nation's acute care providers, which includes 97% of the nation's academic medical centers, and more than 25% of the non-acute care market.
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