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Five Ways Value Analysis and Supply Chain Leaders Can Improve Transparency
Supply Chain

Five Ways Value Analysis and Supply Chain Leaders Can Improve Transparency

Today’s value analysis leaders face tall orders. They need to focus on process improvements, utilize and embrace digital advancements, and provide greater transparency and visibility during new product evaluation and product standardization requests. Having access to the right combination of tools and information can empower them to accomplish these objectives as they work to balance cost, quality, and outcome goals.

Many of ECRI’s value analysis members confirm the need to support and drive greater transparency in their own value analysis programs. Adding greater visibility can make others feel connected and more actively involved and responsible during the decision-making process. It also provides an opportunity to shape a more integrated clinical support system–one that helps drive evidence-based decisions on new products, technology, and capital projects. Finally, greater visibility can break down silos and alleviate communication barriers, most often common when working across multiple, diverse departments.

Building greater transparency directly into your program along with open dialogue can be highly beneficial. Stakeholders outside of the core value analysis committee and supply chain team, including clinicians across multiple specialties, service line leaders, nurses, and even c-suite leaders will feel more connected to your clinical and system-wide objectives. The goal is that these stakeholders become more invested in your overall value analysis process too, because the decisions you make will greatly affect them. Invite them to play a pivotal role early on by sharing access to the value analysis data and an inside view into what’s happening during the value analysis process. And by welcoming them to contribute their knowledge and expertise, they are also accountable for final decisions being made based on the roles and responsibilities you’ve assigned to them.

Allowing access to all evaluated information, such as unbiased clinical evidence on a new technology or price intelligence and product comparison data, provides stakeholders with a big picture view of the criteria that will help determine the best cost, quality, and outcomes for the health system. By offering access to your value analysis process, others will gain the ability to track the progress and timeline of a project and understand the full scope of clinical and financial information under review, and what role they play in determining the approval (or denial) of a new technology. As an added bonus, by inviting others into your decision-making process through greater transparency, you will build champion supporters of your program and even better–a more discipline-specific clinical path on the road to consensus.

Introducing decision-support technology also helps provide transparency throughout your process, from the initial product request phase through the final decision, and retrospective analysis stages. Providing an inside view into each phase of your process will further demonstrate where your stakeholders can add expertise and input and where true accountability lies. It also enables new conveniences and process efficiencies.

It’s important to build transparency into your value analysis program because it can influence and connect multiple stakeholders across your health system in a meaningful way. It also supports a collaborative process for the stakeholders concerned with improving clinical outcomes and your organization’s overall performance. 

Wondering how and where to begin? Below are five important ways value analysis and supply chain leaders can improve transparency that will influence evidence-based decision-making: 

  1. Share information openly by including and providing accessibility to others 
  2. Identify and build strong relationships with clinicians that can help support your process and program goals – designate your “champions” to back your mission
  3. Lead with unbiased clinical evidence and review the facts first
  4. Be sure to share how you reached final decisions so nothing can be questioned later
  5. Stick to an established value analysis process, yet encourage feedback and refine your process so you continually evolve over time

Keep in mind that transparency comes in many forms. Regardless of how mature your current value analysis process is in its current state, there are simple ways to incorporate more visibility into your process so you start gaining more active participation and stakeholder involvement.

The use of an automated, decision-support technology solution is also beneficial. It enables the use of best-practice workflows and built-in task and notification functionality to boost accountability and communicate with stakeholders across your health system at any given time. Sharing of visual tools such as progress dashboards, financial tracked savings, national health system comparisons, and retrospective analysis further demonstrates a team’s achievements and necessary refinements for the future. This results in a more streamlined approach and transparent management of your value analysis process.  

ECRI’s transparent value analysis management strengthens collaboration and ensures confident, data-driven decisions

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