Value Analysis Process: Why Each Step Counts

January 27, 2017 Traci McCoy

In today’s value-based healthcare landscape, transparency, managing and evaluating patient outcomes, financial performance and operational efficiency is becoming more and more important. But keeping track of all the moving parts in various healthcare settings with numerous different processes can be quite a daunting task. 

So how do you provide the best possible mix of quality and affordability that ensures you’re delivering the highest quality care for patients at a cost they are willing to pay?

An effective value analysis program can help you thrive. Value analysis is a systematic, objective process that uses evidence-based and data-driven decisions to ensure physicians and clinicians have access to quality products at the right time and at the right price. These programs can help to manage the process for obtaining quality supplies, services and equipment, and ensures their availability at the lowest total cost to support quality patient care.

The Value Analysis Process 

Successful value analysis programs are structured in a way that follow and adhere to the organization’s processes and supports the health system’s mission, vision and strategic goals. In addition, these programs must also have a strong framework built around quality and safety and focus on the appropriate utilization of supplies and services.

Value analysis helps to properly vet products and services used in our facilities, especially new technology, and demands an evidence-based, structured and rational approach that includes all key stakeholders in the decision-making process. These processes provide the structure that healthcare organizations will need to face the challenges of an ever-changing healthcare landscape.

To learn more about the value analysis process and best practices that can help enrich your program, download our Value Analysis Guidebook.

Author information

Traci McCoy

Traci McCoy

Senior director, comparative effectiveness at Premier, Inc.

As the senior director of comparative effectiveness, I help to bring healthcare organizations together to share information and improve performance.

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