Global Healthcare Exchange (GHX) and the Association of Healthcare Value Analysis Professionals (AHVAP) announced the results of an industry-wide survey designed to analyze the current state of healthcare value analysis (HVA) and how these programs are functioning in a post-pandemic era. The survey reveals a range of complex challenges and opportunities within HVA as the industry transitions to value-based care.
HVA has a pivotal role in ensuring that every dollar a hospital spends contributes to improved patient outcomes and optimized resource utilization. However, the survey found HVA professionals face various obstacles that hinder their ability to optimize value, including data inaccessibility, the need for greater clinical engagement and standardization, and the pressure of cost-containment.
"Today's healthcare value analysis professionals recognize the importance of forging strong partnerships with clinical teams. By combining data with clinical evidence, they can make more informed purchasing decisions that help improve cost, quality and outcomes," said Suzanne Smith, BSN, RN, Solution Advisor at GHX. "But to help their organizations deliver better patient care and manage increasing healthcare costs and supply chain disruptions, they require insight into organizational metrics and frameworks, as well as an opportunity to diversify their skillsets."
Key Takeaways
- Inefficient Manual Processes Hamper Decision-Making: Close to one in four (22%) of respondents still rely heavily on manual methods to process data, which can lead to inefficiencies and errors.
- Lack of Clinical Standardization Creates Variability and Ambiguity: Approximately 36% of respondents report a reliance on clinician preference or cost-based models for decision-making, indicating an opportunity for more standardized, evidence-based approaches.
- Greater Access to Data and Clinical Evidence is in Demand: Nearly 29% of respondents embrace value-based decision-making, with another 20% prioritizing evidence-based strategies. However, only 16% of respondents say they are currently harnessing data and analytics to manage care variation.
- Clinical Engagement in Value Analysis is Lagging: Just 18% of survey respondents indicate that physicians take active leadership roles in value analysis and more than 40% of respondents report limited-to-no-physician involvement in their decision-making.
- Cost-Containment Efforts Influence Inventory Management: More than 70% of respondents report having an annual savings target tied to their organizational budget, which may help explain the shift toward tighter inventory controls.
"The findings are not just statistics—they're a call to action," stated J. Hudson Garrett Jr., Ph.D., executive director and executive vice president, AHVAP. "We are excited to correlate these findings with the core competencies for value analysis. We are operationalizing these insights to bridge the identified knowledge gaps and empower HVA professionals through certification opportunities, professional development support and webinars—including one with industry partner GHX—designed to share the knowledge and resources needed to navigate these challenges and continue fostering professional growth."
For more insight on HVA challenges and opportunities, download the full whitepaper here: www.ghx.com/resources/white-papers/ghx-ahvap-value-analysis-2023/
PR Newswire has the press release.
