Introduction to Vizient Inc.
Vizient Inc. is the largest member-owned healthcare services company in the United States, dedicated to providing innovative, data-driven solutions, expertise, and collaborative opportunities. The company was formed through the integration of VHA Inc., University HealthSystem Consortium, and Novation in 2015, followed by the acquisition of MedAssets’ Spend and Clinical Resource Management segment in 2016. The official name change to Vizient took place in November 2015. Vizient serves a diverse array of healthcare organizations, from academic medical centers to community health providers, with approximately $100 billion in annual purchasing volume.
Reason for Name Change
The decision to unify under the name Vizient was driven by the objective of leveraging the combined strengths of the constituent organizations, particularly in areas such as group purchasing, data analytics, performance improvement, strategic consulting, and more. This rebranding was aimed at enhancing the company's ability to deliver comprehensive services and simplifying the overall business process. The new identity underscores Vizient's commitment to fostering innovative connections that drive performance and differentiate the company in a competitive healthcare landscape.
Benefits of Partnering with Vizient
Organizations that engage with Vizient experience a range of benefits aimed at enhancing quality, efficiency, and cost-effectiveness across the care continuum. By leveraging Vizient's supply agreements, members achieve cost savings on supplies and services. Furthermore, they gain access to advanced analytics and advisory services that provide insights into clinical, financial, and operational performance improvements. Through Vizient's networks, organizations can share best practices, enhance quality and safety outcomes, and develop market strategies to succeed in the ever-evolving healthcare industry.
Governance of Vizient
Vizient is overseen by a 22-member board of directors, comprising chief executives, physician leaders from member health systems, and industry experts from outside the Vizient alliance. This governance structure ensures that the company benefits from diverse perspectives, expertise, and leadership, driving strategic decision-making and overall effectiveness in serving the healthcare community.