from HIT Consultant – January 13, 2020
by Jasmine Pennic
Global Healthcare Exchange (GHX) today announced it has acquired Chicago-based Lumere, a provider of evidence-based data and analytics solutions that enable healthcare organizations to build clinically integrated supply chains and optimize medication formulary management. Financial terms of the deal were not disclosed. Key Lumere leaders, including CEO Hani Elias, CTO Will Danford and President/Chief Strategy Officer Eric Meizlish will remain with the combined organization.
Driving Healthcare’s Clinically Integrated Supply Chains
Founded in 2012, Lumere (formerly Procured Health) is an organization comprised of clinicians, researchers, software engineers and strategic advisors focused on helping health systems eliminate unwarranted clinical variation and cut unnecessary costs—specifically related to device and drug selection and utilization. By providing both physicians and hospital leaders with evidence-based data, information and analytics they’ve previously lacked, Lumere accelerates their ability to optimize patient care and decrease healthcare’s financial burden.
Lumere has emerged as the industry-leading source of technology solutions that drive evidence-based device and drug utilization and purchasing decisions. Spend on medical products and drugs represents one of the fastest-growing expenses for US health systems. The combination of Lumere’s capabilities with GHX’s unmatched network of providers and suppliers will enable the industry standard for device and drug intelligence needed to optimize patient value.
“Together, GHX and Lumere will provide an unmatched source of information that enables health systems to align purchasing and utilization decisions with evidence,” added Hani Elias, CEO at Lumere. “Our combined companies will help healthcare stakeholders deliver care that’s backed by data and guided by evidence, allowing drug and device expenditures to be supported not just by price but by clinical outcomes. Shining a light on outcomes will provide clinicians and hospital administrators with the information they need to help make the best decisions for every patient. I’m incredibly excited about the significant change our two companies can advance for healthcare.”
Acquisition Creates A Gold Standard for Device & Drug Intelligence to Optimize Patient Value
As reimbursement models move from fee-for-service to fee-for-value, GHX believes Lumere’s capabilities will extend its value to more directly improve patient outcomes at the lowest cost by empowering customers to make evidence-based purchasing and utilization decisions. Since its founding, GHX has created healthcare’s largest vendor-neutral modern digital trading network with access to hospitals representing more than 80% of licensed beds and a significant number of major suppliers in the US.
By combining the powerful assets of GHX and Lumere, GHX seeks to create the gold standard in data governance, providing a single source of trusted information for the management of devices and drugs used in the delivery of care. The Lumere acquisition also significantly extends GHX’s footprint in the pharmaceutical market, helping health systems more strategically manage the complex area of pharmacy cost.
“With health systems more accountable than ever for the results they deliver, the strategic imperatives of reducing cost and improving quality of care are more critical than ever,” said Bruce Johnson, CEO and president of GHX. “We’ll continue to support our customers in their evolution from reimbursement based on quantity to reimbursement based on quality. We will do this by combining the strength of the GHX platform and the industry’s most comprehensive repository of item and transaction data, with Lumere’s deep clinical data and machine learning powered analyticsto deliver the critical evidence-based insights healthcare needs. Like GHX, Lumere is a company focused on innovation and customer-centricity, and we couldn’t be more delighted to welcome them into our organization.”