Vizient Announces New Membership Agreement with Leading Academic Health System
Vizient Inc. announced that Duke University Health System and Duke University has joined the company as a member. The new membership agreement significantly expands the scope of their current work with the company to now include full use of Vizient’s market-leading contract portfolio, an array of analytics solutions and services in addition to advisory resources aimed at helping them achieve their savings and performance improvement goals.
“We are excited to have the Duke University Health System and Duke University expand their relationship with Vizient. Until now, they have had a self-contracting approach for their supply chain. By combining that strong sourcing foundation with Vizient’s array of solutions and services aimed at operational improvement, we believe we will be able to deliver significant financial value that will further strengthen both their health system and university,” said David Ertel, chief financial officer for Vizient.
The agreement includes a robust portfolio of tools and services enabling a tremendous collaboration between Duke and Vizient. Duke will participate in Vizient’s pharmacy sourcing program and Novaplus private-label program to better manage pharmaceutical costs and medical/surgical supply costs. They will also begin integrating several analytics solutions into their cost management strategies including: Vizient Savings Actualyzer for supply and pharmacy data insights, aptitude to streamline and optimize traditional RFP processes commodity supplies, the DataLynx Data Management Platform to ensure master data purity, and Procedural Analytics to connect procedural supply and clinical data for improved outcomes.
Duke will leverage Vizient experts in purchased services, construction, and physician preference items to improve clinical alignment and cost performance across its acute and non-acute facilities. Additionally, Duke Health will continue to utilize the Vizient Clinical Data Base to engage physicians in utilization and supply choices, Vizient Operational Data Base for comparative operational and financial insights, and Vizient Clinical Practice Solutions Center for building patient-focused and data-driven provider practices. Duke Health will also continue their work with Sg2, a Vizient subsidiary that provides market intelligence and sustainable growth strategies.
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“As a national leading academic health care provider, Duke University Health System identified a need to advance our supply chain network and provide clinical integration with our dedicated caregivers,” said John P. Mordach, senior vice president, chief financial officer and treasurer of Duke University Health System. “Our goals were to create economic value toward standardization and reduce the overall cost of our goods and services. This expanded partnership with Vizient aligns with those goals and supports our clinical mission and the unwavering support to the communities we serve. Additionally, the expanded relationship with Vizient provides value within Duke University to maintain the affordability of higher education and support the important mission of innovation and research.”
Duke Health conceptually integrates the Duke University School of Medicine, Duke-NUS Medical School, Duke University School of Nursing, Duke University Health System, Private Diagnostic Clinic (Duke physicians practice), and incorporates the health and health research programs within the Duke Global Health Institute as well as those in schools and centers across Duke University, including the Duke Robert J. Margolis Center for Health Policy. Duke University Health System is a world-class hospital and health care network supported by outstanding and renowned clinical faculty, nurses and care teams. Duke’s services span the full continuum of care, from primary care to medical and surgical specialties and subspecialties.