We estimate that 63% of healthcare organizations aren’t employing value analysis software (VAS) to manage their VA activities, tasks, and projects, but instead are using spreadsheets to retain and manage this information. Although spreadsheets have their place in hospital value analysis studies, projected savings calculations, and storage of information, they are lacking in many of the benefits of value analysis software as follows:
5 Benefits of Hospital Value Analysis Software
1. Electronic Retrieval of Purchase Requests: Rather than having paper new purchase requests coming from many sources (e.g., email, internal mail, fax, etc.) value analysis software enables you to standardize your purchase request retrieval process by using one platform to receive them. Therefore, there is less chance of losing them. Most important is to eliminate the re-work that occurs with transferring information and data from paper to electronic media which is very manual and time consuming.
2. Comprehensive Savings Reporting: Value analysis software automatically tracks, formats, and calculates your VA savings on an ongoing basis as you update your VA studies on your VAS. This feature will provide you with monthly, quarterly, and annual savings reports on demand. Thereby, never miss savings again!
3. New Clinical Product Evaluation Surveys: Built into value analysis software are electronic surveys that you can email to customers to evaluate your new product offerings. Once surveys are returned electronically, VAS will compile your survey information for easy interpretation of the results.
4. Value Analysis Team Project Management: Provides ongoing project management modules to track and document all of your value analysis projects, tasks, and activities from initiation to completion for easy access in real time.
5. Spend and Utilization Management: To assist your VA teams in identifying new savings opportunities, your value analysis software will provide you with timely spend and utilization savings opportunities reporting that can’t be seen with the naked eye. This will enable your teams to always have savings opportunities to monitor, manage, and control vs. flying blind!
All hospital value analysis software on the market today provides all or most of the benefits outlined above to make your VA job easier, yet more productive. That’s why VAS is emerging as a best practice at the most progressive healthcare organizations in the United States.
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