3 Tips for Hospital Value Analysis: ROI
These next 3 tips revolve around the concept, “ROI,” or Return On Investment. Keep reading to learn more!
1. Justify ROI’s with Clinical Data
Demonstrating a clinical and financial return after purchasing medical devices and supplies is the main aim of hospital value analysis. Many value analysis professionals turn to clinical databases, like ECRI or Hayes, to collect clinical data supporting new product requests. Presenting this clinical data to decision-makers is an important step in value analysis. However, organizing and sharing this information is often a muddled process. GreenLight Medical allows you to collect and store clinical data in one place, accessible by all parties involved in value analysis, allowing for a comprehensive review process.
2. Consider & Optimize Utilization Management
Often times, procurement decisions are heavily based on cost of the product itself. However, considering how the product is used could save your facility from extraneous spending. For example, you decide to purchase new rubber gloves for the OR and save $.03 per pair used. However, you find yourself spending more on gloves than the previous month. Why? It turns out that the gloves are thinner and have been ripping on the surgeons. To be safe, they’ve been wearing 2 or 3 pairs at the same time. Suddenly, your predicted savings became un unexpected expense.
GreenLight Medical provides a platform for these types of critical discussions, enabling a more thorough review of new products.
3. Track Requests and & Decisions
Tracking data is becoming more and more of a standard practice in hospitals. However, tracking the data only becomes useful when you have an organized way of using it. When adopting a new product, it’s important to record baseline spending and patient outcome and then continue to track the following key performance indicators monthly:
- Cost per case
- Length of stay
- Readmission rate
- Use per physician
GreenLight Medical allows for the storage of new product information, including cost, clinical evidence, and product comparison specific to your hospital, all in one place. KPI’s can be recorded and added to devices in GreenLight to make relevant spending and patient outcome data accessible and useful.
Reach out today to request a demo for your facility!