A hospital value analysis workflow is a complex process involving several moving parts, which makes reaching a unanimous decision a challenge. Below are three strategies you and your team can use to break down the new product review process into more manageable segments.

1. Review Existing Contracts

As previously mentioned in our blog, standardization can result in cost savings for your facility. To take advantage of bulk buy discounts, your team should consider the implementation of new contracts at every opportunity. However, existing contracts are just as important. By using a systematic approach to review existing contracts, you can keep contract terms updated and readily available. Then when you receive new product requests, you can quickly disqualify those that interfere with existing contracts, saving your team time and energy in deliberation.

2. Communicate Effectively with C-Suite

The C-Suite can holds a critical position in purchasing decisions and its diverse audience requires you to translate the results of value analysis into explanations that meet their distinct needs.

Here is how the C-Suite breaks down:
The CFO wants to hear that a proven ROI exists. The CMO is looking for a description of how this new product will positively impact patient outcome (based on clinical evidence), while the COO is interested in how the new product will enhance operational efficiency. Similarly, the CNO wants to know how the new product will address any of the current concerns of the nursing staff. Finally, the CEO wants to see a balance between innovative technology and affordability in new products.

3. Implement Management Strategies

Value analysis can be a challenging process to manage if you don’t have the right tools. Therefore, it’s important to take the time to develop a system that works for you and your team. The best systems are based on effective communication. Stakeholders not not only require access to product data, they need to know how and where to access it as well as have the ability to communicate with each other around this data. The easiest way to facilitate this level of collaboration is by picking a single tool to use — one place where your team can review product data and clinical evidence, compare products, ask questions, add content, and ultimately reach a decision.

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