Issue link: https://beckershealthcare.uberflip.com/i/1507870
47 EXECUTIVE BRIEFING 3 EXECUTIVE BRIEFING Addressing disruptive technology and policy shifts With the healthcare landscape changing due to technology, regulatory policy and other factors, value analysis is a useful tool for leaders looking to improve their organizations' financial standing and ensure that investments are optimally targeted for maximum effectiveness, timely implementation and cost savings. "Value analysis requires following a consistent process, understanding policy changes and pulling in the right stakeholders," Smith said. She emphasized the importance of collaboration and stakeholder engagement in value analysis, along with continuous quality improvement. To illustrate the importance of collaboration and broad engagement, Smith gave an example of what might happen when organizations fail to engage all relevant stakeholders in the validation of new products or processes — a core tenet of value analysis work. A health system was revisiting its total joint replacements contract and had to factor in new weight considerations for surgical trays. However, because this organization didn't involve staff members who were responsible for implementing Occupational Safety and Health Administration (OSHA) regulations, the organization overlooked including the proper requirements in the contract, which unnecessarily delayed the work. "You think about that and how much time it takes, the disruption to patient care — we would have understood that upfront had we involved the right people in that project," Smith said. Growing & meeting demand for dedicated value analysis teams The centrality of value analysis in healthcare's new era of financial and regulatory pressures is irrefutable. "I think of value analysis as the hub in the wheel — all other clinical, supply chain and business entities are the spokes," Smith said. Keeping value analysis front and center In today's challenging, value-centric healthcare environment, value analysis is a concept that is appropriately receiving more attention. The core principles include comprehensive evaluations of products, technologies and services; a zealous focus on cost management; patient-centered care; collaboration and stakeholder engagement; and continuous quality improvement. Crucially, value analysis helps healthcare organizations make more strategic, data-driven and informed decisions. In light of today's cost pressures, regulatory factors, new technologies and other disruptions, this discipline has never been more important. To further explore the important role of value analysis, GHX and the Association of Healthcare Value Analysis Professionals (AHVAP) have jointly conducted a survey of value analysis professionals to gain insights into the current state of the profession and identify potential knowledge gaps. Find the survey results in this revealing whitepaper, which offers valuable insights for the trajectory of this critical work. 1 https://ahvap.memberclicks.net/assets/website-images/AHVAP%20Position%20 Statement-VA%20as%20Specialty%20Final.pdf 2 https://www.ghx.com/clinical-integration/ Considering this, the role of value analysis professionals is (or should be) taking on even greater importance. "Value analysis professionals understand how to run a multidisciplinary meeting and how to look at data both on the supply chain side and on the clinical side," Smith said. "They know how to marry those two and have a conversation with clinical end users that can move the needle in the right direction." Smith acknowledged that some healthcare organizations lack in-house value analysis professionals, partly because they simply do not understand why this is a critical role to hire for in the first place. But she observed that this is changing; decision- makers are increasingly aware of and embracing the strategic role that value analysis can play in healthcare operations. This evolution, she said, gives her hope. "What excites me is that we are moving in that direction, and healthcare organizations are really understanding the value of bringing those teams together and doing that higher-order work."