MASSDEVICE ON CALL — Group purchasing organization Novation this week celebrated having saved $1 billion for its members since the company’s founding.
Novation, which is owned by VHA Inc. and the University HealthSystem Consortium, represents more than 25,000 healthcare providers including hospitals, non-acute care centers and academic medical centers.
"Novation has been helping members drive down costs through standardization since 1996, saving members millions of dollars each year and assisting health care organizations in reducing variation in their non-clinical preference products while increasing ordering efficiencies and streamlining inventory management," according to a press release. "In addition, the Standardization Programs provide monetary value to participating members in the form of cash rebates. And now those rebates paid to members total more than $1 billion."
"We are thrilled to pass the $1 billion mark in cash rebates paid to members," Novation strategic programs vice president John Thompson said in prepared remarks. "The health care organizations we serve are facing unprecedented economic challenges, and these cash rebates provide immediate tangible value that helps hospitals dedicate additional resources to patient care."
In an exclusive interview with MassDevice.com, Novation CEO told us what keeps hospital CEOs up at night, how an amazon.com-style medical devices sales world is better than what healthcare has got now and how he is “ruthlessly focused” on driving down hospital costs.
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