Broadlane Signs Exclusive Agreement to Provide Supply Chain Services to Continuum Health Partners of New York.Business Editors/High Tech, Medical & Health Writers SAN FRANCISCO--(BW HealthWire)--Feb. 6, 2001 Respected Hospitals and Clinics Expect to Save Up to $40 Million Annually Broadlane Inc., a leader in delivering supply chain services to the healthcare industry, today announced that it has signed an exclusive definitive agreement to provide comprehensive supply chain services to Continuum Health Partners, Inc., the respected partnership of Beth Israel Medical Center Beth Israel Medical Center is a hospital in New York City. It has four major locations providing health services. It acts as University Hospital and Manhattan Campus for the Albert Einstein College of Medicine of Yeshiva University. and St. Luke's-Roosevelt Hospital Center St. Luke's-Roosevelt Hospital Center is a 1,076-bed, full-service community and tertiary care hospital serving New York City’s Midtown West, Upper West Side and parts of Harlem. and other healthcare facilities in the greater metropolitan New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. area. Financial terms of the agreement, which becomes effective today, were not disclosed. Broadlane will outsource Continuum's contracting and procurement department and will take total responsibility for their group purchasing and e-commerce initiatives. Under the agreement, group purchasing and e-commerce services will be provided for 10 years while contracting and procurement services will be provided for five years, with an option to renew for a further five-year term. "All healthcare providers are today looking for ways to cut their costs while continuing to provide the highest level of patient care," said Gail F. Donovan, executive vice president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. for Beth Israel Medical Center, one of the Continuum hospitals, and a principal negotiator of the agreement. "Our strategic agreement with Broadlane will give us significant cost-cutting opportunities while ensuring that our physicians and other caregivers continue to have access to the best quality equipment, supplies and services. We selected Broadlane for this important assignment after thorough investigation. From contract compliance to cost-effective pricing to specialized supply management services, we believe that Broadlane will offer us the greatest savings and widest array of services." Currently, Continuum's facilities purchase approximately $400 million annually in supplies and services. Under the Broadlane agreement, Continuum expects to realize savings of up to $40 million annually. Broadlane is able to secure cost efficiencies through the company's supply chain expertise as well as from combining the purchase volumes of all of its customers. "It is very gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. when a healthcare provider as innovative and progressive as Continuum recognizes the value that Broadlane can deliver," said Trevor Fetter, chairman and chief executive officer of Broadlane. "We formed Broadlane on a simple but powerful premise; that there are enormous inefficiencies in the healthcare supply chain and that a company with the right people, expertise and technology would be very successful if it could help providers attack those problems." About Continuum Health Partners Continuum Health Partners, Inc., was formed in January 1997, as a partnership of two venerable health care providers, Beth Israel Medical Center and St. Luke's-Roosevelt Hospital Center. Building upon the strengths of both institutions, the partners soon established a broad-based, integrated health services network extending throughout the New York metropolitan region. In May 1998, the partnership was joined by a third distinguished institution, Long Island College Hospital Long Island College Hospital (LICH) is a teaching hospital situated in Brooklyn, New York Founded in 1858, the hospital has 516 beds. In 1860 it introduced the practice of bedside teaching and it later became the first U.S. hospital to use stethoscopes and anesthesia. , located in the Brooklyn Heights/Cobble Hill section of Brooklyn. Continuum continued to grow in June 1999 with the addition of another outstanding institution with a 100-year tradition of excellent specialty care, the New York Eye and Ear Infirmary The New York Eye and Ear Infirmary was founded on August 1, 1820 by Edward Delafield and John Kearney Rodgers, both graduates of the New York College of Physicians and Surgeons. . Continuum Health Partners, Inc., with an annual operating budget of $1.7 billion, delivers inpatient care through nearly 3,100 certified beds located in seven major hospital facilities in Manhattan and Brooklyn. About Broadlane Through an extensive suite of services, Broadlane delivers integrated supply management solutions to the healthcare industry. Those services include group purchasing, procurement strategy and outsourcing and e-commerce services. Among the companies that focus on improving efficiencies within the healthcare supply chain, only Broadlane offers this full array of services. Formed in December 1999, Broadlane's customers include Tenet Healthcare Corporation (NYSE NYSE See: New York Stock Exchange : THC THC tetrahydrocannabinol. THC n. Tetrahydrocannabinol; a compound that is obtained from cannabis or is made synthetically; it is the primary intoxicant in marijuana and hashish. ), Universal Health Services Universal Health Services, Inc. NYSE: UHS is a Fortune 500 company based in King of Prussia, Pennsylvania. This company is one of the nation's largest health care management companies, operating acute care hospitals, behavioral health facilities and ambulatory centers (NYSE: UHS UHS University Health Services UHS Universal Hint System (gamingy) UHS University High School UHS Urbana High School UHS University High School (Australia) UHS Union High School ), Community Health Systems (NYSE: CYH CYH Check Your Head (youth driven organization in Canada) CYH Consider Yourself Hugged ), IASIS Healthcare, the Cleveland Clinic Foundation, and Kaiser Permanente. Broadlane has offices in San Francisco, Calif., and Dallas, Texas. For more information visit . |
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