Does Your Organization Use an Evidence-Based Value Analysis Process?

One of the outcomes of the passage of the Patient Protection and Affordable Care Act has been an increased emphasis on clinical efficacy, safety, and cost benefit as it relates to the adoption and utilization of medical technologies. Hospitals and healthcare systems face multiple challenges in their efforts to make real and significant changes to reduce healthcare spending. The healthcare environment will be even more challenging in the future as providers seek to:

  • Meet quality and safety mandates
  • Avoid Medicare cuts and earn a bonus payment as part of the value-based purchasing program
  • Avert Medicare payment penalties for higher than expected readmission rates
  • Avoid financial penalties for high rates of nosocomial conditions, readmissions, and other events
  • Better manage anticipated Medicare reimbursement cuts over the next decade
  • Deliver healthcare services that comply with evidence-based “best practices”
  • Improve the health of the populations they serve

In such an environment, are financial sustainability and clinical quality really opposing forces? We don’t think so! We are convinced that it is possible for health professionals to provide high-quality clinical care, improve patient outcomes, and realize significant cost savings at the same time. Are we correct? Is evidence-based value analysis the key? If you agree, how do you make this happen in your institution? Or, should the focus of value analysis be physician preference item management through product standardization and cost reduction?

Topics: Hayes Blog

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