CHICAGO, IL – August 6, 2015 – Stanford Health Care, an internationally renowned leader in patient care and medical research, and Procured Health, a provider of data-driven technology solutions aimed at improving patient care and eliminating wasteful spending, today announced an agreement focused on enhanced quality of care and more rigorous clinical supply decisions. The agreement means Stanford’s medical staff and patient care teams will incorporate Procured Health’s IntelligencePRO™ and EvaluationPRO™ solutions into their product evaluation and selection processes.
“Stanford is committed to exploring innovative solutions designed to deliver more efficient, more affordable and higher quality care,” says Dr. Paul Maggio, Associate Chief Medical Officer for Stanford Health Care. “Procured’s solutions are aligned well with our rigorous ‘Patients First’ philosophy, assisting our physicians in making more informed clinical decisions, especially when it comes determining which technologies to use and when to use them.”
Procured Health’s portfolio of solutions is designed to empower the buyers and users of medical products, and to improve clinical outcomes while also aggressively reducing medical product expenditures. Typically the second largest and fastest growing cost category for hospitals, uninformed clinical supply decisions account for more than $25 billion in wasteful spending annually. Procured’s web-based solutions enable hospital systems and clinicians to improve both clinical outcomes and financial performance by incorporating evidence into their product selection, utilization, and contracting strategies.
“Stanford’s Value Based Selection committee is committed to maximizing patient value. We do this by making evidence-based and data-driven decisions to eliminate variation in the delivery of care and to ensure the technology we use yields clinical benefit,” says Dr. Maggio. “Procured Health’s research and collaboration platform allow us to work with physicians to select the right product, for the right patient at the right time - positively impacting both clinical outcomes and financial performance as a result.”
“Hospitals have had to transform virtually every area of care delivery,” explains Hani Elias, CEO of Procured Health. “And while supply costs are an almost universal source of pain for providers, few have a sophisticated decision process in place to mitigate it. We help physicians easily and quickly delve deep into a massive amount of data to make the right call for their patient.”
Clinicians are key stakeholders in the evolution of any product evaluation and selection program, but typically lack the evidence-based data needed to change the status quo. Elias adds, “Our platform is designed to help providers emerge from the philosophy of reforming care into real, day-to-day tactical applications that adapt to their existing care models. This is where real reform will happen – not in an academic paper, but rather each time a single decision to purchase a device is made.”
Our health system has a significant interest in the leverage to be gained through the IntelligencePRO and EvaluationPRO platforms,” says John Cunningham, Administrative Director of Supply Chain. “Our supply chain team is committed to serving as a proactive and strategic partner for physicians. Going forward, ensuring both high quality and fiscally-responsible care will be largely dependent on innovative solutions. At Stanford, we expect to be a leader in those pursuits.”