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Did You Know...?

That Value Analysis Was Developed Back In the 1940's After World War II as a Way to Find Lower Cost but Higher Quality Alternative products and methods. This was Due to the Lack of Material Resources At The End of The War.

Strategic Value Analysis in Healthcare Best Practices

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Hospital Supply Value (Analysis) Analytics: The Key to Success

I have been using the term Value Analytics as shorthand for Value Analysis Analytics for some time now, but I was reminded recently by my Vice President of Operations that Value Analytics is really all about value analysis, so why do I insist on still calling what we do Value Analytics.

It was such a good question that I thought I would talk about the origin of term Value (Analysis) Analytics to set the record straight and to take a pledge today not to use the term Value Analytics any longer, since I can now see it is a misnomer.   

Here’s the Origins!  17 years ago we were hunting, pecking and poking around for value analysis opportunities for our clients, when we realized there must be an easier, better and faster way to do so. Just as important, we needed a full-proof system that our clients could employ themselves to uncover all of their supplies and purchase service value analysis savings opportunities.  As well as generate savings yields that were much much higher than previously obtained.  

That’s when we adopted the use of the Activity-Based Costing Model (i.e. every product, service, technology or activity has a conforming and non-conforming total cost that can be measured, monitored and controlled) to root out all waste, inefficiencies, and value-mismatches in a healthcare organizations’ supply streams.   

By further enhancing the Activity-Based Costing Model with our own methodologies and technologies, we have found that any and all value analysis opportunities in a healthcare organization can be quickly and easily uncovered, rooted out and then tightly controlled over time.  

Why was I using the term Value Analytics?  I thought it was an attractive label to describe what we do, but I now realize that the term was really misleading, ambiguous and inaccurate. However, I’m not mistaken when I tell you that the key to long-term success with your value analysis program is the employment of Value Analysis Analytics to guide you and your Value Analysis teams (or value analysis committees)to savings success.   

Why take the hilly, bumpy and less traveled road, when you can take the smooth, even and well-traveled road to value analysis success?

 

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