Navigating Around, Through the Value Analysis Maturity Curve
As healthcare reform and new technologies change the way hospitals deliver and are reimbursed for care, the ability to measure and improve upon patient outcomes is becoming more important than ever. To do this successfully, hospitals must be able to evaluate and improve the maturity of the various value analysis processes at work within their healthcare organization. But first they must understand where they exist on a Value Analysis Maturity spectrum. Then they must increasingly engage leadership and clinicians to operationalize best practices.
The Strategic Marketplace Initiative (SMI) and the Association for Healthcare Value Analysis Professionals (AHVAP) defined a value analysis maturity curve, including these five stages:
No Value Analysis Process. In this stage, the Purchasing departments process product requests utilizing GPO contracts whenever possible.
Novice – price strategy. Cost reduction is the primary driver of purchasing decisions.
Intermediate – price & standardization strategy. Data-driven decisions are based on usage across all sites.
Advanced – quality, waste reduction, standardization. The focus moves beyond cost reduction. Reducing or eliminating waste and variety are important objectives.
Future – utilization, reduced variation, population management. Value analysis teams focus on safety, quality, and total cost of care across the patient experience. Policy requires that all purchasing decisions are evidence-based.
Read the Healthcare Purchasing News article to discover where your organization lies on the Value Analysis Maturity Curve.
TractManager’s technology-enabled value analysis solution provides a structured framework for the distribution and evaluation of decision-support data. It brings together the necessary evidence, safety, regulatory, recall, spend, price benchmarking, and contract data to evaluate capital equipment, med-surg supplies, and outsourced services, all in one place.
TractManager supports your organization no matter where you fall on the Value Analysis Maturity curve. For a complimentary assessment of your current value analysis efforts, contact us today. We’ll analyze the effectiveness of your organizational decision-making processes and technology, and help you chart a course toward improvement.
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