CHARLOTTE, N.C.--(BUSINESS WIRE)--Premier, Inc. (NASDAQ: PINC), a leading healthcare improvement company, and the University of Texas System (UT System), one of the largest public university systems in the United States with 14 institutions and more than 221,000 students, have expanded their partnership. The UT System signed a new agreement with Premier in April 2016 to strategically integrate purchasing practices across its eight universities, six health institutions and other administrative facilities.
Home to six medical schools and three of the nation’s National Cancer Institute Cancer Centers – UT MD Anderson, UT Southwestern and UT Health Science Center-San Antonio, the UT System is committed to improving the lives of Texans and people all over the world through education, research and healthcare. Through teaching hospitals owned by UT System institutions and numerous affiliations with other teaching hospitals, as well as a network of community clinics, UT health institutions are major providers of healthcare.
In partnership with Premier for more than a decade, the UT System’s health institutions have worked to align and aggregate their purchasing practices. As part of the agreement, the UT System is implementing system-wide supply chain analytics, which are powered by the PremierConnect® performance improvement platform, to further unify purchasing activities and generate savings across both its healthcare and non-healthcare facilities.
“We continue to consider all the processes that make high-value care, education and research possible, including aligning and standardizing supply chain practices,” said Raymond S. Greenberg, MD, PhD, UT System’s executive vice chancellor for health affairs. “Over the years Premier has helped to improve our cost management strategy, and we trust this expanded partnership will help streamline purchasing decisions, allowing for increased focus on providing exceptional academic and care delivery services across our communities.”
Premier’s nationally acclaimed cloud-based supply chain analytics will integrate, monitor and manage more than $4.5 billion in annual spend across the UT System’s health, academic and administrative institutions. These interoperable analytics help organizations better coordinate practices, cleanse and normalize data sets, benchmark outcomes, improve business processes and achieve system-wide supply chain decisions.
“In today’s world, it’s essential for providers to clearly understand continuum-wide cost drivers and opportunities for improvement,” said Michael J. Alkire, COO, Premier. “The UT System chose Premier for greater and more accurate visibility into cost and spend patterns across its entire organization. We’re thrilled to continue our partnership with them to improve efficiency at a time when revenues are contingent upon realized savings and improved patient outcomes.”
Financial terms of the agreement were not disclosed.
Premier briefly referred to the expanded relationship during its fiscal third-quarter conference call on May 10, 2016.
About The University of Texas System
Educating students, providing care for patients, conducting groundbreaking basic, applied and clinical research, and serving the needs of Texans and the nation for more than 130 years, The University of Texas System is one of the largest public university systems in the U.S. With 14 institutions and an enrollment of more than 217,000, the UT System confers more than one-third of the state’s undergraduate degrees, educates almost two-thirds of the state’s health care professionals annually and accounts for almost 70 percent of all research funds awarded to public institutions in Texas. The UT System has an annual operating budget of $16.9 billion (FY 2016) including $3 billion in sponsored programs funded by federal, state, local and private sources. With about 20,000 faculty – including Nobel laureates – and more than 70,000 health care professionals, researchers, student advisors and support staff, the UT System is one of the largest employers in the state.
About Premier Inc.
Premier Inc. (NASDAQ: PINC) is a leading healthcare improvement company, uniting an alliance of approximately 3,600 U.S. hospitals and 120,000 other providers to transform healthcare. With integrated data and analytics, collaboratives, supply chain solutions, and advisory and other services, Premier enables better care and outcomes at a lower cost. Premier, a Malcolm Baldrige National Quality Award recipient, plays a critical role in the rapidly evolving healthcare industry, collaborating with members to co-develop long-term innovations that reinvent and improve the way care is delivered to patients nationwide. Headquartered in Charlotte, N.C., Premier is passionate about transforming American healthcare. Please visit Premier’s news and investor sites on www.premierinc.com; as well as Twitter, Facebook, LinkedIn, YouTube, Instagram and Premier’s blog for more information about the company.
Forward-looking statements
Matters discussed in this release that are not statements of historical or current facts, such as UT System’s anticipated use of Premier’s supply chain and performance services at expected levels, as discussed herein, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Premier to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on any forward looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements in the conditional or future tenses or that include terms such as “believes,” “belief,” “expects,” “estimates,” “intends,” “anticipates” or “plans” to be uncertain and forward-looking. Forward-looking statements may include comments as to Premier’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside Premier’s control. More information on potential factors that could affect Premier’s financial results is included from time to time in the “Forward Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Premier’s periodic and current filings with the SEC and available on Premier’s website at investors.premierinc.com. Forward looking statements speak only as of the date they are made. Premier undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date.
