Bridging the gap between quality and total cost of care through clinical variation reduction
In the current health care landscape, reducing cost is critical. However, with the increasing emphasis on quality, organizations are realizing that the way cost is measured and reduced needs to change. Today’s health care organizations must learn how to link their costs with clinical outcomes to truly appreciate the value they bring to their communities. In addition to understanding the costs of devices and services, it’s also about recognizing how and on whom the devices are used, as well as why physicians decide to use them. Vizient® can help you balance quality and cost of care. Our data-driven approach to clinical cost management aligns price, process and utilization.
Vizient combines a wealth of data with the experience and expertise of our consultants to offer cost management services in the following areas:
- Physician preference items (PPI)
- Lab and blood management
- Clinical quality value analysis
PPI continue to be a first line of defense in cost improvement. Changes made in this area can have a significant, timely impact on your bottom line. Vizient helps our members implement the appropriate utilization and cost strategies for hard-to-manage PPI categories in orthopedics, spine, cardiology and more. Our proven process uses data to engage key physician stakeholders and gain consensus — positioning them as key leaders in driving utilization and cost management throughout their organizations.
1 Reining in hospital supply costs and physician preference item spending. Definitive Healthcare website. https://blog.definitivehc.com/ reigning-in-hospital-supply-costs-and-physician-preference-item-spending. Published March 28,2017. Accessed June 15, 2018.
Comprehensive lab and blood management
More than 15 million pints of blood are transfused in the U.S. each year.2 As health care organizations continue to transition to a value-based care model, laboratory services is widely recognized as an area that offers many cost management opportunities. Vizient offers lab and blood management professional consulting services that will help your laboratories focus on cost per care episode or cost per population as you transition from volume to value. The power of laboratory data must be used to transform outcomes, while helping to reduce the total cost of any given care episode and offering a framework for the emerging value-based environment. Through our comprehensive lab and blood management solution, we examine the current utilization of blood products and provide guidance for improving patient outcomes. Our members realize savings in blood transfusion costs, as well as clinical variation reductions, risk of complications and length of stay.
Clinical quality value analysis
Shift your focus from the value of products and services to the value of care
Many organizations are realizing that to drive desirable patient outcomes, their value analysis strategy must expand beyond traditional cost reduction to consider life cycle costs, evidence-based care and clinical benefits. Our clinical quality value analysis program (CQVA) helps connect clinicians and physicians with finance and supply chain to optimize supply costs, improve patient care and increase a member’s total value of care across the continuum. The Vizient CQVA solution uses a proprietary supply savings platform to automate the clinical value analysis process. This further improves cost performance and quality outcomes by increasing the visibility of initiatives and savings achieved across the organization.
2 Facts & figures. America’s Blood Centers website. http://www.americasblood.org/about-blood/facts-figures.aspx. Accessed June 15, 2018.
Insights from Medical Device Tech Watch
This edition of the Vizient® Medical Device Tech Watch dives into the surge in demand for virtual care and telemedicine, explores new pulmonary embolism technologies and provides an update on the evolving transcatheter aortic valve replacement market. We also included considerations for creating a spine program and cover best practices for integrating neuromodulation into your service lines.Access the report
Connect with us to learn how we can help maximize your clinical variation cost reduction opportunities.