November 21

How To Simplify the Value Analysis Process


“In the value analysis world, we have to always be open to new alternatives to products, services, and technologies, so why wouldn’t we want to be open to newer and better ways to perform analysis for our VA programs?”

When you look at the sheer numbers of supply and purchased service categories that entail the multitude of products that go along with them, it is no wonder that you could quickly get lost in the forest of data very easily. The good news is that there are ways to make the data easier for you and also the analysis that comes with this. Not all number crunching, benchmarking, or value analysis assessments need to be laborious. Just follow along with these steps in order to make things easier on yourself:

How to Simplify the Value Analysis Process

1. Set Goals & Objectives for Projects/Initiatives – Before you start pulling data, sending off emails for statistics, and setting up interview times with key stakeholders, take the time to figure out what you are looking to achieve with your analysis first. Yes, envision the end goals and objectives. This may sound like a no brainer but many times we get caught up in the day-to-day and we just spin up all the plates and keep them spinning, when in reality we should only spin up the plates that are meaningful and straightforward. The easiest way to overwhelm is to try to do too much. When you spread yourself too thin, it affects the quality of analysis and results you bring to the table.

2. Find Your Expert First on Any and All Projects – We are not subject matter experts in Supply Chain and Value Analysis, we need to rely on the existing subject matter experts in our organization to coach us through the nuances of the product, service, or technology we are working on. For example, I am not a nurse or a doctor, but I don’t need to be, because every healthcare organization has numerous subject matter experts that you can call on to find out all you need to know by asking a few short questions.

3. Bulletproof Your Process – No matter what you do, there is going to be some customer, stakeholder, or subject matter expert that is going to try to punch holes in the well-conceived analysis that you are presenting. This makes us all nervous and we don’t want to do all this hard work only to find that a key player is going to shoot us down for frivolous reasons. I always try to punch holes in all of my analysis to make sure that I place myself in the subject matter expert’s shoes and bulletproof the analysis. You may only have one real solid opportunity to present your findings/analysis to the key players, so it is best to ensure that you have looked at it from a 360-degree perspective.

If you are in the Supply Chain or Value Analysis world, you realize that we are always changing and adapting to the new conditions of our departments, our customers, and our organizations. I find that it is too easy to get into the mindset of, “This is the way things have always been done and that’s it.” But in the value analysis world we have to always be open to new alternatives to products, services, and technologies, so why wouldn’t we want to be open to newer and better ways to perform analysis for our VA programs? Plus, you don’t want to get left behind with dated thinking. Push the modern thinking through at a steady pace and you will win the race!

Below are some similar articles that you may find interesting.

3 Best Practices to Help You Set Goals for Your Hospital Supply Chain/Value Analysis Program

Healthcare Supply Chain: When is the Right Time to Evaluate a Major Product or Service Category?

5 Biggest Mistakes Made by Healthcare Value Analysis Professionals and How to Avoid Them

Request Demo of SVAH’s Value Analysis and Utilization Tools


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