Data Transparency and Process Driven Value Analysis
Today’s healthcare environment is faced with major challenges of lower reimbursement, minimizing inventory surplus, value-based purchasing, and improving clinical outcomes. The age of data driven decisions is here, requiring hospitals to either adapt with innovative technology or fall behind. Proliferation of new technology for the healthcare industry requires a large amount of resource commitment to avoid bottlenecked processes. However, if data is made readily available, meaningful inferences can be made to realize the highest value products for facilities.
The challenge is not accumulating the data but accessing it in a quick, visual manner to identify problem areas and promote cost savings initiatives. Our nation’s healthcare system requires accurate, real-time data for effective value analysis. More important than big data is establishing reliable metrics for cross-comparisons to enable best practices. Hospitals should be readily tracking KPI’s such as cost avoidance, technology spend, new product submissions, and new product approval rate. This will allow teams to monitor progress from a clinical and financial standpoint. GreenLight Medical has worked diligently with its partners to generate advanced knowledge of the top tactics that drive successful processes and improve the bottom line. See below for three of the top methods used:
1. Manage Workflow
Automating a workflow creates a solid foundation to achieve needed efficiency. Cloud-based software solutions are becoming increasingly attractive for hospitals in replacement of a manual process. Using one platform enables scale, where everyone involved in the process can stay up-to-date with the most recent product data and corresponding internal discussions. By connecting and providing transparency across a hospital system, value analysis committees can track their teams progress throughout the review process and adapt as needed.
2. Simplify Project Management
Value analysis is a complex process involving several moving parts, which makes reaching a unanimous decision a challenge. Instead, implement management strategies using one centralized location where your team can review product data including FDA regulatory, clinical evidence, reimbursement, product comparative, cost, quality, and outcomes data.
3. Standardization Across an IDN
Data standardization through the cloud has improved interoperability between individual hospitals within an IDN as it allows for data to be consolidated in aggregate from its disparate, moving parts. The data accumulated throughout the process, either via the hospital team or our internal research within Greenlight, provides a wealth of product insight that can be shared with all users to create a holistic and powerful understanding in regards to a new product being evaluated.
Within Greenlight Medical, our users find success when they can effectively manage a new product through its needed workflow, centralizing data, and providing one access point for decision-making support. We are proud to help our hospital partners continue to drive success for their facilities in their hospital procurement and value analysis.