Value analysis software (VAS) has been on the market for over 20 years to assist value analysis practitioners to manage all aspects of their value analysis programs. That’s why we thought it would be a good time to evaluate whether value analysis software is worth the investment hospitals, systems, and IDNs have made in the technology. After extensive research, here are five reasons why we believe it makes sense to justify this investment:
1. Automate New Product Request Management: Not only does VAS standardize, simplify, and organize the way new product requests are submitted to the value analysis manager to save time, but VAS keeps the requisitioner informed of the progress of their request through the VA approval process. Thereby, closing the loop on VA customer communication.
2. Capture All Pertinent VA Project Management Data: Without manually duplicating entries, value analysis software will automatically record the receipt of the new product request and log it into the VAS system. All additional entries will update VAS so all interested parties will know the status of a new product request. If need be, VAS can seamlessly triage new product requests to the appropriate review and approval levels (e.g., accounting, budgeting, purchasing, etc.) to meet the requirements of all stakeholders in the VA process.
3. Provide Clinical New Product Evaluation Surveys: Value analysis software enables the VA manager the ability to electronically survey user departments for their evaluation of the new product being considered for purchase, thereby reducing new product survey time for all parties to the absolute minimum.
4. Generate Comprehensive Savings Reports: Without additional manual entry, VAS will automatically (unlike spreadsheets) generate comprehensive savings reports based on the data inputted into the VAS project management module. This greatly improves savings reports since they can be tailored to your exact requirements vs. restricted by your spreadsheets’ static records.
5. Manage All Value Analysis Teams’ Activities: Value analysis software will generate agendas, minutes, balanced scorecards, and special reports for all value analysis meetings and activities. This guarantees uniformity in all of your correspondence and reporting to your team members and stakeholders.
I’m sure you can conclude from our observations that we do believe that value analysis software is a good investment. In fact, we see it as mission critical for the management, effectiveness, and integrity of the activities and tasks of any hospital, system, or IDN’s value analysis program. It can be a game changer for you and your value analysis teams.
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