Effective today, joint venture is now fully operational
May 1, 2013
Cleveland Clinic and VHA have unveiled the name of their new company: Excelerate Strategic Health Sourcing. The name comes three months after both organizations announced the joint venture, which is fully operational beginning today.
Excelerate is a unique provider-led model that brings evidence-based clinical outcomes to product decision making. Incorporating physician integration, clinical excellence and proven clinical sourcing with best-in-class analytics, Excelerate has the ability to influence utilization and standardization.
“With a powerful family of products and a continued focus on breakthrough clinical pathway innovations targeting some of the most critical sourcing needs, Excelerate will be positioned to deliver market-leading performance and increased savings for its customers," said Byron Jobe, Executive Vice President, VHA.
Excelerate will bring additional resources and capabilities to organizations to redesign sourcing practices, work more efficiently and help improve their overall cost structure while enhancing clinical quality. Initial service offerings will be clinically committed contract portfolios that focus on physician preference items (PPI) and clinical preference items (CPI), as well as an enhanced portfolio of commodity driven products.
“Together, Cleveland Clinic and VHA through Excelerate, bring a distinctive approach to how supply chain can impact organizations,” said Steve Glass, Chief Financial Officer, Cleveland Clinic. “Based on our proven experience in reducing costs and improving quality we are able to provide a unique approach in the continually evolving healthcare environment.”
Excelerate is built on a foundation of experience and success, both in care delivery and supply chain. It will leverage Cleveland Clinic’s strategic approach of physician integration, clinical excellence and proven clinical sourcing with VHA’s best-in-class analytics, unique ability to foster strong member networks and market-leading contracting expertise through its contracting company, Novation, to create an innovative offering for value-based sourcing.
Additional benefits of Excelerate include:
- Lower supply costs
- Reduced operating expenses
- Enhanced product standardization
- Improved visibility into supply chain costs
- Greater integration with physicians yielding physician preference opportunities.
For more information, visit http://www.excelerate.cc or call 855-XCELER-8 (855-923-5378).
About Cleveland Clinic
Cleveland Clinic is a nonprofit multispecialty academic medical center that integrates clinical and hospital care with research and education. Located in Cleveland, Ohio, it was founded in 1921 by four renowned physicians with a vision of providing outstanding patient care based upon the principles of cooperation, compassion and innovation. Cleveland Clinic has pioneered many medical breakthroughs, including coronary artery bypass surgery and the first face transplant in the United States. U.S. News & World Report consistently names Cleveland Clinic as one of the nation’s best hospitals in its annual “America’s Best Hospitals” survey. About 2,800 full-time salaried physicians and researchers and 11,000 nurses represent 120 medical specialties and subspecialties. Cleveland Clinic Health System includes a main campus near downtown Cleveland, eight community hospitals and 18 Family Health Centers in Northeast Ohio, Cleveland Clinic Florida, the Lou Ruvo Center for Brain Health in Las Vegas, Cleveland Clinic Canada, and opening in 2013, Cleveland Clinic Abu Dhabi. In 2010, there were 4 million visits throughout the Cleveland Clinic health system and 167,000 hospital admissions. Patients came for treatment from every state and from more than 100 countries. Visit us at http://www.clevelandclinic.org. Follow us at http://www.twitter.com/ClevelandClinic.
VHA Inc., based in Irving, Texas, is a national network of not-for-profit health care organizations that work together to drive maximum savings in the supply chain arena, set new levels of clinical performance, and identify and implement best practices to improve operational efficiency and clinical outcomes. Since 1977, VHA has leveraged its expertise in analytics, contracting, consulting and networks to help members achieve their operational, clinical and financial objectives. In 2011, VHA delivered record savings and value of $1.9 billion to members. VHA serves more than 1,350 hospitals and more than 72,000 non-acute care providers nationwide, coordinating delivery of its programs and services through its 13 regional offices. For more information, visit http://www.vha.com and follow us on Twitter (@VHAInc).
Cleveland Clinic Contacts
Eileen Sheil, 216.444.8927, email@example.com
Heather Phillips, 216.445.4517, firstname.lastname@example.org
Kyle Pyron, 972.581.5027, email@example.com
Anne Rener, 972.830.0737, firstname.lastname@example.org