SpendMend Drives Record Savings to U.S. Healthcare Systems in 2020

SpendMend achieves second straight year of at least 32% growth in hard dollar savings for its growing client base.

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 SpendMend, the leading provider of tech-enabled solutions to optimize the cost-cycle for the healthcare industry, today announced a second consecutive year of producing record savings for U.S. Healthcare Systems in 2020, marked by a 32% organic increase in hard dollar client savings when compared to the previous year.

SpendMend's true overall increase in client savings was closer to 50% greater when including the valuable contributions from the SpendMend Pharmacy division, newly launched in Q3 concurrent with the acquisition of Turnkey Pharmacy Solutions and Elevate340B.

Furthermore, throughout 2020, SpendMend continued to expand its client base which now supports more than 100 healthcare networks (including 72% of the top 50 networks) that constitute 2,700+ individual hospitals, facilities, and other healthcare locations nationwide.

Finally, SpendMend also strengthened its leadership team in 2020 with the addition of former President of Vizient's supply chain services division, Jody Hatcher to the Company's Board of Directors. "I'm impressed with SpendMend's capabilities to help health systems as well as their 2020 performance, and I am excited to join their Board at this crucial time in the market," states Hatcher, "I support and share the company's mission to help hospitals remain financially secure so that they can better support patient care."  

"Despite the challenges posed in 2020, we remain dedicated to supporting healthcare providers. We appreciate the trust that our new and existing clients have shown during the last several uncertain quarters, and we are committed to continue the important work we have started," said Dan Geelhoed, CEO and founder of SpendMend. "Going into 2021, we're focused on helping healthcare systems navigate through the financial strain caused by the pandemic."

2020 Notable Milestones:

  • Enhanced offering:
    • Launched SpendMend Pharmacy via the acquisition of Turnkey Pharmacy Solutions and Elevate340B.
    • Launched SpendMend 7.5 to help hospitals and healthcare systems add stronger controls to their cost-cycles through the delivery of expanded cybersecurity solutions and tools.
  • Expanded reach & accessibility:
    • Expanded tech-enabled solution portfolio with Premier and Vizient partnerships while also signing exclusive agreements with several regional GPO groups including Partners Cooperative and Captis Health.
    • Entered into partnership with Fort Hill Associates LLC, the leader in construction contract auditing firms.
    • Partnered with the Center for Improvement in Healthcare Quality (CIHQ) - a leading accreditation provider to help hospitals improve quality of care.
  • Recognized for our Leadership:
    • Earned a "Gold" One Planet Award for "Company of the Year for Healthcare Products & Services"
    • Earned a "Silver" Stevie Award for "Company of the Year in the Healthcare Products & Services"
    • Earned recognition as a "Best and Brightest Company to Work for in the Nation" by Best and Brightest

About SpendMend

SpendMend is the leading provider of tech-enabled, cost-savings solutions in the healthcare industry. Combining the use of data, proprietary technology, and rigorous analytics with its healthcare focus and expertise, SpendMend partners with healthcare systems to improve and optimize their expenses in meaningful and collaborative ways. SpendMend's mission is to help its clients improve their patient care through innovative cost-savings solutions.

Source: SpendMend