MAGNET Cooperative, one of the largest non-profit cooperative group purchasing and shared services organizations, and Procurex, Inc., a leading provider of strategic sourcing services, announce their integrated partnership today. This partnership was formed to reduce costs in the healthcare industry.
Erie, PA (PRWEB) March 17, 2009 -- MAGNET Cooperative, one of the largest non-profit cooperative group purchasing and shared services organizations, and Procurex, Inc., a leading provider of strategic sourcing services, announce their integrated partnership today. This partnership was formed to reduce costs in the healthcare industry.
"Healthcare provider organizations have been severely impacted by revenue reductions from the state and federal levels, insurance companies, and employers, while costs continue to escalate. Healthcare can expect continued assaults on the price issues. It is a crucial time in this industry, and the services that Procurex provides have the potential to alleviate the financial pressure that has been placed upon the healthcare industry" said Steven Duke, Vice President of MAGNET.
In this economic downturn, more and more people are losing their jobs and subsequently are losing their healthcare benefits. However, hospitals are still required to provide services to everyone despite their lack of benefits. This is one of the major factors that have had a negative impact on the overall services that the healthcare industry is currently providing or has been attempting to provide. "We have and continue to look for additional strategies that would help the healthcare industry alleviate some of their burden" said Bret Grady, CEO of Procurex.
Under the agreement, Procurex's strategic sourcing services and MAGNET Cooperatives Member Organizations (AMR, CHA SSP, HCSC, JPC, MONOC, and SOHCA) will partner to reduce costs in the healthcare industries. Bret Grady states, "Our surgical approach to taking out cost, reducing cycle times and improving vendor performance is the perfect solution for MAGNET's Participating Healthcare Facilities. Our industry leading rapid procurement deployment (RPD) process will quickly and dramatically lower costs."
About Procurex, Inc.
Procurex, Inc. (www.ProcurexInc.com) is an association of procurement consultants and project managers who help companies trim their costs and manage their procurement better. Procurex partners with their clients to maximize savings and aid companies in converting their purchasing function into a strategic business function. Procurex creates affordable strategic sourcing solutions that are tailored to meet individual client needs.
Procurex was created in 2002 and was designed to enable organizations to apply e-business technology strategically to their business processes, increase efficiency, and become more competitive. Procurex has expanded their services to include outsourced purchasing services, strategic-sourcing project management, and state-of-the-art e-sourcing tools. Procurex has helped hundreds of clients buy thousands of commodities and services, worth hundreds of millions of dollars, including extensive work in the health care market.
About MAGNET Cooperative
MAGNET Cooperative (www.magnetgroup.com) is one of the oldest, largest, and most experienced shared service organizations in the country. Today, MAGNET serves approximately 11,000 providers, including hospitals, alternate care facilities and physician practices and clinics with a contract portfolio that includes equipment, services, commodities and the newly emerging area of niche/boutique (innovative and cost-reducing) products.
MAGNET solicits direct input of needs from healthcare providers via its Member Organizations and their user networks. Thus, contracts are prepared based upon user input, rather than merely being selected and approved by the "corporate office." In this way, MAGNET contributes greatly to the quality of service provided, and facilitates improved patient outcomes. MAGNET also plays a valuable role in the reduction/elimination of cost from the system by carefully selecting vendor partners and providing the highest quality products at the lowest possible price. With a carefully structured process for contract development consisting of a dedicated staff, Contracts Committee and Board of Directors, MAGNET's care providers are assured access to industry leaders and a progressive, responsive program focused on meeting the comprehensive purchasing needs of all healthcare providers.
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