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ECRI Institute’s Value Analysis Addresses Need for Informed Healthcare Decision Making

September 21, 2012

Rising medical supply costs, lower reimbursements, and an extremely competitive market are placing financial strangleholds on hospitals. Managing these challenges requires healthcare purchasing decisions that are driven by evidence, physician engagement, clinical efficacy, and reliable financial data.

ECRI Institute announces a custom consultation service designed to help healthcare executives enhance or create value analysis processes that lock these critical elements into their product evaluation process.

Using a systematic, multi-disciplinary, evidence-based evaluation of physician preference items and other products—from bandages to defibrillators—ECRI Institute helps hospital value analysis committees select products that optimize patient care and reduce costs.

“Hospitals must evaluate technology based on the best available evidence, rather than rely on product buzz,” states Thomas E. Skorup, MBA, FACHE, vice president of ECRI Institute’s Applied Solutions Group. “The only way to keep supply costs under control and bring transparency to product selection is by establishing a credible value analysis process.”

In its comprehensive approach to helping facilities establish sound value analysis processes, ECRI Institute attends value analysis committee meetings and interviews committee chairs, clinicians, senior administrators, and supply chain leaders. Once it understands the hospital’s existing processes and goals, the Institute makes recommendations and provides on- and off-site support to roll out the process enhancements.

“A systematic process eliminates structural differences that lead to missed opportunities to save,” Skorup said. “What we’re really doing is having a results-driven discussion about how the various teams in a hospital—surgery, cardiology, imaging, and nursing, to name a few—can reduce spending in the areas where they get the most bang for their buck.”

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