Standardization Is Key to Maximizing Total Value of Patient Care Products
The right products and processes, used consistently, deliver the best results
for patients and the bottom line
Every hospital and health system aims to deliver the best possible patient care while at the same time managing the cost of care. But controlling costs has become more important than ever, since the COVID-19 pandemic has battered many health system budgets in recent months.
As healthcare organizations (HCOs) move to reduce costs, they sometimes inadvertently focus on per-unit costs rather than considering total value. “The ‘cost’ of a product generally refers to the raw cost or the line-item cost,” said Jacqueline Thiebe, Value Analysis Portfolio Manager, Surgical Services, UW Medicine. “But ‘value’ is more encompassing and considers the clinical benefit, along with the cost analysis. Value incorporates the quality of care, the quality of service, and the patient experience.”
One of the keys to realizing the total value of patient care products is to implement strategies that optimize value, such as the standardization of products and processes. Consistency in the deployment of patient care products can result in financial benefits and better patient care.
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