American hospitals and health systems must balance financial pressures, technological innovation, and the ever-changing expectations of their patients, professional staff, and regulators. Whether a hospital can adapt to these demands depends in large measure on its ability to assess value. Hospitals and even different departments within the same hospital tend to exhibit a variety of stages in the measurement of value.
These stages — from least to most mature — are:
- Demand-Driven Focus
- New Product Approval, Cost Focus
- Cost, Standardization Focus
- Standardization, Decrease Waste/Variance; Improved Outcomes; Acute Care Focus
- Total Value Management; Value Driven, Care Continuum Focus.
Where a hospital or system falls on the continuum of value analysis maturity can influence its ability to attain the “quadruple aim” of lowering costs and improving quality of care (value), while improving the satisfaction and well-being of both patients and clinicians (experience).
Download the Total Value Management white paper written by TractManager’s value analysis experts, Dee Donatelli, Dr. Mark Kestner, Dr. Kristin Stitt, and Dr. Winifred Hayes, and learn how to mature from making event-based decisions to creating and sustaining an evidence-driven culture of collaboration.