New Neoforma Offering Sheds Light on Crucial Hospital Supply Spend Information to Reveal Savings Opportunities
25 Julio 2005 - 8:01AM
PR Newswire (US)
New Neoforma Offering Sheds Light on Crucial Hospital Supply Spend
Information to Reveal Savings Opportunities On-Demand Spend
Intelligence Solution, Currently in Pilot, Provides Clear, Ongoing
Visibility, Empowering Hospitals to Monitor and Control Supply
Spending SAN JOSE, Calif., July 25 /PRNewswire-FirstCall/ --
Neoforma, Inc. (NASDAQ:NEOF), a leading provider of supply chain
management solutions for the healthcare industry, has developed a
new solution that provides hospitals with a comprehensive analysis
of their total supply spend to optimize contract compliance,
negotiate more competitive pricing with suppliers and drive greater
cost-effective product utilization. Extending Neoforma's advanced
data management infrastructure that draws on robust industry
content sources and product expertise, Neoforma's new on-demand
spend intelligence solution delivers accurate, ongoing visibility
and greater control over supply spend to drive significant cost
savings. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030226/NEOFORMALOGO ) Several
hospitals are currently in pilot with the new solution. Neoforma
expects to launch the fully hosted spend intelligence solution to
the broad market later this year, making it a unique
hospital-focused offering in a competitive market that includes
several supplier-developed or homegrown products. "With accurate
and timely information about my spend, I can strategically arm
myself in financial conversations with senior management,
clinicians and suppliers, and therefore am able to more effectively
drive meaningful changes in contracts and our physicians' use of
preference items," says Mike Brown, director of purchasing for
University Health Care System, Augusta, Ga., who is piloting
Neoforma's new solution. Brown manages more than $45 million in
annual supply spend for the 551-bed hospital. "Importantly, because
the solution is delivered in a hosted model, using it does not take
a toll on our IT department. I expect the new solution to open up
new avenues for savings for University." Brown, a supply chain
management expert who entered healthcare from manufacturing two
years ago, adds that the industry knowledge and provider focus of
the Neoforma team are critical attributes when looking for a supply
chain partner. "It's great to have Neoforma as a trusted partner to
tackle the data management and maintenance needed to support spend
analysis on an ongoing basis, saving me time and resources that can
be used for other priorities. In addition, because of Neoforma's
unique provider philosophy and approach to supply chain problems,
I'm confident in the quality and accuracy of the data used to
populate the reports. Neoforma understands the supply chain and
what hospitals need to have success in cost-savings initiatives."
Memorial Health System, a 562-bed hospital in Springfield, Ill.,
also is participating in Neoforma's pilot program to support the
hospital's overall best practice supply chain initiatives. The
hospital, which has an annual supply spend of $105 million, has a
goal to reduce supply costs by $2 million each year, and is on
track to meet or exceed that goal this year, largely due to new
insight gained from supply spending. "Neoforma provides tools that
strengthen my strategic contributions to my health system. Built on
Neoforma's data framework, the on-demand offering provides a
cost-effective way for Memorial Health System to access and
maintain robust spend intelligence reports that will help me meet
my strategic cost-savings goals," says Kevin Voigt, Memorial's
system director of materials management. "In addition, we've had
excellent results over the years working with Neoforma on our
supply chain challenges, and I'm excited to contribute to the
development of an important new Neoforma product offering so that
we together can continue to bring value to the industry." Hospitals
have struggled to identify cost savings opportunities in the supply
chain due to a lack of visibility into spend information. With
tens- of-thousands of products and vendors to manage, purchasing
databases quickly become outdated, making it nearly impossible for
executives to clearly understand how purchasing dollars are
actually being allocated. Without a sound spend intelligence
initiative, hospitals cannot rely on existing data or processes to
assess total spend in major product categories or how products
should be priced under existing contracts. Hospitals, therefore,
have been limited in their ability to identify savings
opportunities, according to Dan Eckert, president and chief
operating officer of Neoforma. "Supply expenses, which account for
up to 30% of a hospital's spend, should be one of the first targets
of hospital cost reduction efforts, especially for executives
looking for opportunities to redirect monetary and resource savings
into important clinical care initiatives," Eckert says. "By
garnering accurate, timely and ongoing visibility into their own
supply spending trends based on the foundation of clean, accurate
and categorized data Neoforma provides, hospitals will now be armed
to more cost-effectively utilize resources and negotiate with
vendors. We are proud to offer a new solution that sheds light onto
hospital supply spend, an area that's been in the dark for too
long." Neoforma's solution for on-demand spend intelligence
delivers a comprehensive, up-to-date view of a hospital's supply
spend, enabling healthcare organizations to uncover ongoing supply
chain savings opportunities. Leveraging Neoforma's advanced data
services and rich product and content resources, the new solution's
sophisticated analysis tools deliver visibility into a hospital's
spending trends and contract utilization, in addition to
highlighting opportunities to negotiate more competitive supply
contracts and identify contract-related savings opportunities.
Delivered in a hosted environment without the expense of
traditional software applications or investment needed into content
resources, Neoforma's spend intelligence solution gives decision
makers a cost-effective way to focus quickly on target areas of
interest and drive ongoing cost savings by: -- Maximizing the
benefits of contract pricing, -- Shifting spend from off-contract
to contract items, -- Increasing volume aggregation and optimizing
the number of suppliers, -- Identifying potential overpayments, --
Conducting more effective vendor negotiations, and -- Improving the
management of product utilization. About Neoforma Neoforma is a
leading supply chain management solutions provider for the
healthcare industry. Through a unique combination of technology,
information and services, Neoforma provides innovative solutions to
over 1,600 hospitals and suppliers, supporting more than $11
billion in annualized marketplace volume. By bringing together
contract information and order data, Neoforma's integrated solution
set delivers a comprehensive view of an organization's supply
chain, driving cost savings and better decision-making for both
hospitals and suppliers. For more information, point your browser
to Neoforma's new Web site at http://www.neoforma.com/. This news
release contains forward-looking information within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements include but are not limited to
statements related to Neoforma providing hospitals a new solution
which allows them to conduct a comprehensive analysis of their
total supply spend to optimize contract compliance, negotiate more
competitive pricing with suppliers and drive greater cost-effective
product utilization, Neoforma's new on-demand spend intelligence
solution delivering accurate, ongoing visibility and greater
control over supply spend to drive significant cost savings for
hospitals, hospitals now being armed to more cost-effectively
utilize resources and negotiate with vendors and Neoforma's spend
intelligence solution giving decision makers a cost-effective way
to focus quickly on target areas of interest and drive ongoing cost
savings. There are a number of risks that could cause actual
results to differ materially from those anticipated by these
forward-looking statements. These risks include the new nature of
Neoforma's spend intelligence solution and relative untested nature
of such solutions, the risk that customers will not adopt such
solution, the costs associated with providing the services expected
by Neoforma customers and the ability of Neoforma to manage its
technological challenges. Some of these risks and other risks are
described in Neoforma's periodic reports filed with the SEC,
including its Form 10-Q for the quarter ended March 31, 2005. These
statements are current as of the date of this release and Neoforma
assumes no obligation to update the forward-looking information
contained in this news release. NOTE: Neoforma is a trademark of
Neoforma, Inc. Other Neoforma logos, product names and service
names are also trademarks of Neoforma, Inc., which may be
registered in other countries. Other product and brand names are
trademarks of their respective owners.
http://www.newscom.com/cgi-bin/prnh/20030226/NEOFORMALOGO
http://photoarchive.ap.org/ DATASOURCE: Neoforma, Inc. CONTACT:
media, Rebecca Oles, +1-408-468-4363, or , or investors, Amanda
Mogin, +1-408-468-4251, or , both of Neoforma, Inc. Web site:
http://www.neoforma.com/
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