10 best practices in Value Analysis for Healthcare

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Here are 10 best practices in value analysis for healthcare businesses to attain greater savings and better quality of services.

Employ a Value Team:

A team dedicated to value analysis is more productive and efficient than members or employee. They will get the job done in shorter time by getting involved with the stakeholders and experts as well as the customers.

Training for Value Analysis:

Value analysis has been implemented in the US for the past 63 years. There is need for at least 80 hours of proper training to make the value team proficient in this field. Those healthcare facilities who have implemented compliance with value analysis are making an average Return on Investment (ROI) of approximately 41:1.

Implementing a Standard Process:

It is best practice for Healthcare facilities to ensure that there is a standard process for value analysis. There is at least 6-9% saving annually in addition to improved quality of services. Therefore, the value team conducts the analysis on a monthly basis following specific procedures. This makes this very effective and without compromising risk management.

Occupation Oriented:

Understanding value analysis as a means of identifying the customers’ requirements rather than the price is the way forward. Services must be provided at prices as low as possible without compromising quality. Those healthcare institutions which understand this make as 26% savings on each commodity under value analysis study.

Attention on Customer:

Attention on customers is the basis of value analysis for hospitals ensuring best practices. It begins and ends with them but there are challenges. There is need to understand customer needs and provide the right products, services and technologies to ensure satisfaction. In order to cope with these challenges it is best practice to work with a Value Analysis Customer Mapping process.

Ownership by Clinicians:

The main challenge for clinicians is to ensure customers buy what they recommend without compromising customer satisfaction. To solve this challenge, clinicians have customized their products, services and technologies. Hospitals don’t buy their products to compromise standardization of products, services and technology.

Strategic Planning:

The right value analysis plan will be strategically aimed at achieving savings. A good strategy can yield as much as 10 to 5 time more savings than the GPO. Therefore without a good strategy the value analysis program may not be as productive.

Results Based on Outcome:

Hospitals ensuring best practices tract their value analysis savings and quality achievements through agreements made with the executive managers. The result of successful outcomes is improved discipline and goals are met effectively or even exceeded.

Decision Making:

Those hospitals which ensure best practices have real time data in a proper format. This is what helps in decision making and is very important for value analysis.

Information Management:

When information is captured and documented effective at all levels and departments in a hospital it serves in proper value analysis. Hospitals with best practice provide centralized electronic database which can be shared internally and externally with partners.

Once any healthcare facility adopts these 10 best practices they will achieve improved performance.

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