NC-based academic health system will use Premier’s programs to improve quality, reduce care delivery costs and launch alternative payment models that improve population health
CHARLOTTE, N.C.— Wake Forest Baptist Medical Center, a prominent academic medical center in Winston-Salem, N.C., has chosen Premier Inc. (NASDAQ: PINC), a leading healthcare improvement company, for tailored clinical and financial performance improvement services to support its patient care, research and medical education enterprises.
The new multi-year agreement between Wake Forest Baptist and Premier includes data-driven supply chain and group purchasing services; integrated pharmacy solutions; cross-continuum cost, quality and service line analytics; and financial performance improvement services.
“Premier understands the broad strategy of our unique institution and delivery system model to provide high-value support,” said Conrad Emmerich, executive vice president of Health System Affairs at Wake Forest Baptist. “As an academic medical center in today’s value-based care environment, we have a growing need to manage care across the continuum, become clinically integrated and remove unjustified variation while effectively managing costs. We expect Premier’s network of alliance partners and performance improvement offering to help position us for the future through shared insights, data and best practices.”
As part of the partnership, Wake Forest Baptist will leverage Premier’s data-driven GPO and PremierConnect® performance improvement platform to clinically integrate and centralize its supply chain practices. It will also use clinical, financial and pharmaceutical data management analytics to view utilization, variation and outcomes information, compare effectiveness and prioritize areas of improvement. This includes Premier’s recently launched clinician performance management solution to track and benchmark performance, and forecast reimbursement. Additionally, Premier will work with Wake Forest Baptist to drive and sustain efficiencies that improve outcomes in care delivery across the continuum.
“Academic medical centers seek systems that bring flexible tools and advanced analytic insights for success in healthcare’s rapidly changing environment,” said Andrew Ziskind, MD, senior vice president of academic health system strategy, Premier. “Premier’s years of experience, extensive alliance of clinicians and researchers, integrated technology assets and reputation are unmatched in helping academic health systems improve quality, reduce delivery costs and succeed in alternative payment models that improve population health.”
Susan DeVore, president and CEO of Premier said, “Premier welcomes Wake Forest Baptist to our alliance and looks forward to fostering a co-innovative collaboration that exceeds the expectations they’ve envisioned in providing better clinical outcomes and lower costs.”
The financial terms of the agreement were not disclosed, and are not expected to materially affect Premier’s fiscal 2017 financial results.
About Premier Inc.Premier Inc. (NASDAQ: PINC) is a leading healthcare improvement company, uniting an alliance of approximately 3,750 U.S. hospitals and more than 130,000 other provider organizations. 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.
Matters discussed in this release that are not statements of historical or current facts, such as Wake Forest Baptist Medical Center’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.