MedAssets Inc. (NASD: MDAS), a vendor management system provider in the healthcare space, plans to reduce its workforce by approximately 180 full-time employees by the end of 2015 as part of a cost reduction program, according to a filing today with the US Securities and Exchange Commission.

The company expects the reduction, which comprises about 5% of MedAssets’ total headcount, will result in annualized cost savings of approximately $21 million and reduce operating expenses before restructuring costs by approximately $5 million in the fourth quarter.

Additionally, MedAssets plans to eliminate certain open full-time positions, close one office location and reduce other non-employee expenses including professional services and vendor fees in its human resource, information technology, legal and marketing service departments.

The company expects to incur total pre-tax restructuring expenses of approximately $11 million related to the cost-reduction program, with approximately $5 million to be recorded in the third quarter and approximately $6 million to be recorded in the fourth quarter.

“As previously disclosed, the company is engaged in a multi-year transformation and value creation plan, and is assessing, analyzing and evaluating all aspects of its business to continue to deliver measurable and sustainable customer value, improve growth and profitability, and create long-term shareholder value,” the filing stated.

“The company continues to evaluate its existing businesses and product portfolio, and is developing a refined go-to-market strategy to identify opportunities for improvement in a number of areas which may result in additional organizational restructuring,” the filing said.