January 28

How to Select the Best Value Analysis Software for Your Healthcare Organization


Value analysis is now a best practice at all healthcare organizations in the United States. But what about value analysis software? Is this a tool you have been thinking about to up your value analysis game? If so, here are eight attributes you should look for when evaluating your own healthcare organization’s value analysis software:

1. New Product/Service/Technology Request Management: No longer should you require your customers to utilize a paper form for their new product/service/technology requests. This function should be automated and include triaging of requests to the appropriate individuals in your VA request process, thereby, speeding up your request to deliver process.

2. Value Analysis Team Administration: Software should include your VA team, attendance, agendas, minutes, notes, documentation, and downloads to streamline your VA administration.

3. Value Analysis Project Management: All VA team members should be able to update and document their VA projects online to communicate the status of their projects. This way, you always have the documentations to back up your recommendations.

4. Value Analysis Savings Report: All VA project savings need to be documented and then rolled up into a grand total report for all of your value analysis projects.

5. Product/Service/Technology Evaluation Surveys: Software should have built-in electronic surveys and tabulation forms to gauge the opinions of your customers on new product, service, and technology evaluations to speed up your request approval process.

6. Balanced Scorecard: To enable you to look at-a-glance at the overall performance of your VA program, make sure your software vendor has a balanced scorecard built into their code.

7. Knowledge Resource Library: Make sure your software vendor provides you with a knowledge resource library of forms, guides, and books on value analysis best practices.

8. Value Analysis Video Training Library: Make sure your software provider has an extensive and advanced value analysis video training library to train your current and new value analysis team members in the art and science of value analysis. This training could be the difference between having a good vs. great value analysis team.

Value analysis is a supply chain function that is quickly becoming a mature discipline, but could become even more effective, efficient, and productive with the addition value analysis software. That’s why scores of value analysis leaders have validated that these eight value analysis software attributes are mission critical to the success of their value analysis program.

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