MedAssets

In 1999, veteran healthcare executive John Bardis founded MedAssets with a clear mission: to help hospitals improve their performance. The company started as a group purchasing organization (GPO), a model designed to save hospitals money by buying medical supplies in bulk. This simple but powerful idea allowed MedAssets to quickly gain traction in the complex U.S. healthcare market. Over the years, the company expanded well beyond its GPO roots. Through strategic acquisitions, like the purchases of Xactimed and Accuro Healthcare Solutions, MedAssets built a comprehensive suite of tools. These tools helped hospitals manage their revenue cycles, from patient admission to final payment, and optimize their spending. By 2014, MedAssets had become the largest GPO in the United States, serving four out of every five hospitals in the country. The company's growth trajectory led to a major milestone in 2007 when MedAssets went public on the NASDAQ stock exchange, raising approximately $230 million in its initial public offering. This event provided the capital for further expansion and solidified its position as a key player in healthcare technology and services. The final chapter for MedAssets came in early 2016. The company was acquired by the private equity firm Pamplona Capital Management for an enterprise value of about $2.7 billion. Following the acquisition, MedAssets was split into two. Pamplona combined the Revenue Cycle Management (RCM) business with its own company, Precyse, and sold the Spend and Clinical Resource Management (SCM) segment to Vizient, Inc.