TPC and Medpricer Partner to Maximize Purchased Services Savings
mSource Empowers TPC Members to Achieve Greater Visibility, Cost Savings, and Compliance
Guiliford, CT and Plano, TX (April 19, 2017) – TPC, a partnership of independent hospitals formed as a regional purchasing coalition across Arkansas, Missouri and Texas, has selected Medpricer’s mSource cost management technology platform for purchased services. A hybrid of software and services, mSource empowers healthcare systems with the technology, insight and expertise to independently find, get, and keep purchased services savings.
“Purchased services can represent as much as 40 percent of a hospital’s total spend and TPC Members have always placed a significant focus on reducing costs and increasing value in this area. TPC has a unique, highly committed approach to contracting and as a result our Members have achieved an average of 14 percent savings – resulting in over $35 million dollars since 2010 – in purchased services categories,” said Geoff Brenner, President and CEO, TPC. “TPC collaborates with innovative business partners that enhance the value of our purchased services portfolio. We believe Medpricer’s platform will enable us to achieve greater transparency with its analytics for comparative market benchmarks in such categories as energy procurement, foodservice, lab services and insurance services,” he added.
mSource, a single platform built on more than a decade of network and purchased services sourcing expertise, fulfills a vital need in the market. To date, hospitals and healthcare systems have been forced to rely on a collection of national GPOs, consultants, or software tools from multiple providers. With mSource, Medpricer has the ability to work alongside customers, educating them to use the platform to identify opportunities and realize savings within their existing purchased services spend.
“Our mSource platform empowers purchasing coalitions like TPC to maximize purchased services savings,” says Chris Gormley, CEO, Medpricer. “For organizations like TPC that represent multiple healthcare providers, the potential benefit that can be achieved by leveraging the visibility of cross-member purchased services spend, benchmarks and prioritized sourcing opportunities, is even greater. We are very pleased to have partnered with TPC and we know that mSource will deliver significant savings for their membership.”
Based in Plano, Texas, TPC is a partnership of community-based hospitals that work together as a single system to aggregate business volume and leverage economies of scale without sacrificing individual independence or local ownership. By working through a committed platform, TPC drives collaboration and innovation across a range of clinical, operational and economic areas enabling providers to maximize the financial and non-financial value they receive. TPC represents 11 health systems and approximately $1 billion in purchasing volume, and has achieved $180 million in savings since 2010. TPC exists for the sole purpose of helping healthcare organizations remain strong and independent. For more information, visit www.tpc1.com.
Medpricer provides a complete Purchased Services cost management platform that improves operating margins through superior visibility, savings, and control over unmanaged spending. Medpricer empowers healthcare providers with technology so that they can independently find, get, and keep purchased services savings. For more information, please visit www.medpricer.com/.