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  "docSlug": "49a0a0f158f5",
  "documentTitle": "Premier, Inc. (PINC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-25 00:00:00",
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  "pageNumber": 17,
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  "notes": "Includes a bar chart showing declining share ownership and a press release snippet as evidence of competitor poaching.",
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      "kind": "callout",
      "text": "Industry experts find it telling that GNYHA is aggressively selling shares despite its relatively stable financial position compared to other member owner hospitals currently selling shares",
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      "kind": "callout",
      "text": "Other large hospital groups leaving Premier for Vizient, which, according to industry experts, is friendlier to large GPO partners",
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      "text": "PINC Class B Share Ownership, GNYHA",
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      "kind": "image",
      "text": "Vizient Announces Membership Agreement with The Johns Hopkins Health System Corporation",
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      "text": "Shares (M)",
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      "kind": "paragraph",
      "text": "Up for renewal in the current cycle is Greater New York Hospital Association (GNYHA), Premier's largest GPO member by gross purchases and the source of over $71M (11%) of Premier's net administrative fees as of FY18. Industry experts report that GNYHA – with its own sub-GPO under Premier – is not a natural fit for Premier's GPO: Premier works best for mid-sized hospitals and hospital groups which can leverage their software and benchmark tools, of which larger hospital groups like GNYHA have their own. With its own captive GPO, GNYHA has significant product overlap with Premier and thus may sacrifice value by permitting purchases to go through Premier. Similarly large hospital groups like Johns Hopkins Medicine have already left Premier for Vizient - a better steward of large GPO members, per industry experts - even before their Premier equity vested in full. We believe that GNYHA's size and potential conflicts make it a strong candidate for choosing not to renew with Premier.",
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      "kind": "quote",
      "text": "We are excited to welcome Johns Hopkins Medicine to Vizient and begin working with them on meeting their goal of driving near term and sustainable cost savings as well as improving the quality of care for the patients they serve — Vizient Press Release",
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      "kind": "source-note",
      "text": "Source: Premier SEC Filings. 2019 share ownership derived from expected Class B retirements, as disclosed.",
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      "kind": "title",
      "text": "GNYHA Not A Natural Fit For Premier",
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