Value Analysis

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  • Objectives and Strategies

     

    • Developing processes to streamline the evaluation and selection of new clinical products and technology
    • Improving the purchasing process to reduce inappropriate orders, non-contract orders and unauthorized orders
    • Improving and establishing relationships with departments to identify new opportunities
    • Actively participating in existing committees to identify and implement Value Analysis initiatives as well as develop committees to identify and manage new VA projects
    • Prioritizing product, process, and service standardization and utilization opportunities
    • Defining anticipated savings based on cost analysis¬†
    • Utilizing peer reviewed literature to support choices
    • Focusing on quality and patient outcomes
    • Benchmarking against other academic centers across the country

     

    With these objectives in mind, Value Analysis is focused on the following strategies toward goal achievement:

    • Institute and convey an organizational goal for revenue enhancement, cost reduction, performance improvement and value analysis
    • Establish and implement appropriate policies and procedures that maintain the value analysis process.
    • Employ physician advocates and executive level oversight and support in the value analysis process
    • Form a vigorous communication plan
    • Provide recognition to the vital stakeholders and/or departments for successful implementation of value analysis activities
    • Maintain a tool to monitor, track, and capture cost savings, process improvements and/or revenue enhancement.
    • Devise a plan with measurable goals for each value analysis initiative.