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MAGNET Contract With Kinko's Provides Cost Savings to Healthcare Organizations

Thursday, March 11, 2004

Press release from the issuing company

NEW YORK, March 10 -- On Demand 2004 -- Kinko's, an operating company of FedEx Corp., today announced that it was selected by Mid-Atlantic Group Network of Shared Services, Inc. (MAGNET) and is providing document outsourcing and business services to its approximately 12,000 members including hospitals, alternate care facilities, and physician practices and clinics. MAGNET is a healthcare Group Purchasing Organization (GPO), and its contract portfolio includes equipment, services, commodities and the newly emerging area of niche/boutique (innovative and cost-reducing) products. MAGNET is one of the oldest, largest, and most experienced shared service organizations in the country. According to a report recently issued by the Centers for Medicare & Medicaid Services, hospital spending in the United States is projected to increase by 6.2 percent in 2005. In addition, the growth in hospital spending relative to personal healthcare is expected to remain above its historical averages. Faced with ongoing dramatic increases in healthcare costs, hospitals are seeking the lowest cost alternatives for all types of products and services. Kinko's Commercial Solutions can reduce document production costs by eliminating fixed copying equipment contracts and monthly minimums. For MAGNET members, Kinko's will provide its full portfolio of services including: Managed Services, featuring on-site, near-site and distributed document production; the Healthcare Preferred Pricing Program, enabling healthcare professionals to access Kinko's 1,200 digitally connected locations; Kinko's DocStore, an online catalog of frequently used documents; and Kinko's ImageX for business cards and stationery. "We selected Kinko's as one of our key suppliers because of their compelling variable-cost document outsourcing model," said Steven R. Duke, vice president of MAGNET. "MAGNET plays a valuable role in the reduction and elimination of cost from the system by carefully selecting vendor partners and providing the highest quality products at the lowest possible price." Industry experts report healthcare organizations print more than 100 billion pages per year, with forms being the most common type of document. The industry has recently experienced a significant shift from offset to print-on-demand applications. Kinko's Commercial Solutions allows hospitals to print only the forms and documents they need, significantly reducing obsolescence and storage costs. "MAGNET offers a progressive program focused on meeting healthcare providers' overall purchasing needs in the most cost effective manner," said John McDonald, senior vice president of Kinko's Commercial Solutions. "We're excited to be working with MAGNET to help deliver quality, value and cost advantages to their participating facilities."




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