November 22

3 Short Cuts in Hospital Value Analysis


Everyone is looking for short cuts in hospital value analysis, when in reality there are no short cuts. Although, here are 3 tips that can speed up your value analysis studies that may seem like short cuts:

1. Quantify savings before starting a study: You need to benchmark your savings opportunities to ensure that there are enough savings to warrant a study. Too often, value analysis practitioners spend weeks on a value analysis study only to find there are no savings. Don’t waste your time on dry holes! You should identify at least a 5% savings through benchmarking to even consider beginning a study.

2. Examine the product under investigation: Touch and examine the product you are studying to fully understand its use. We find that this preliminary step can not only orient you to your VA study, but also provide you with questions to ask your customers about the product.

3. Shadow your customers: Observe the use of the product under investigation. This step not only gives insight into how the product is used and opportunities for improvement, but also points out prospects to streamline practices.

As I said, these three tips will go a long way to helping you speed up your hospital value analysis studies without compromising the integrity of your investigations. Speed shouldn’t be your goal in value analysis; rooting out waste and inefficiencies in your supply streams is what value analysis is all about. It can take weeks or even months to conduct a properly structured hospital value analysis study. Don’t short cut your VA process just because you think you have all the answers. That attitude generally leads to the wrong conclusions.

Articles you may like:

Hospital Value Analysis: Think Inside the Box

Hospital Value Analysis: Do You Have A System?

MYTH: Benchmarking Won’t Work For Me Because My Hospital Is Different

Request Demo of SVAH’s Value Analysis and Utilization Tools


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