In our experience, providers are always looking for ways to reduce costs in the supply chain. Recently, we showed one of our clients how to reduce the annual costs associated with the purchase of surgical mesh products by 50% simply by integrating evidence of clinical value into the purchasing process. Cutting costs in half in one product category is huge, especially when it’s a high-cost area such as contrast media, cardiac stents, or biologics.
We’ve detailed how we helped our client optimize its formulary in our latest white paper, Application of Evidence-Based Value Analysis: Standardization of Surgical Mesh Products. Our process, which we call evidence-based value analysis, enables healthcare systems to achieve sustainable cost savings, especially with regard to physician preference items. Although the particular project detailed in the white paper focused on surgical mesh, we can work with hospitals to apply our standardized methodology to all high-cost product categories.
Application of Evidence-Based Value Analysis: Standardization of Surgical Mesh Products is the second white paper in a series of three to focus on evidence-based value analysis. It is available as a complimentary download from the Hayes website.