Value Analysis

Value Analysis for Products and Equipment

  1. Is a structured, standardized, coordinated, interdisciplinary process of resource acquisition, allocation and expense management to achieve safe, high quality and cost effective patient care.
  2. Supports the evaluation of technologies and evidence based practice to guide decision making related to clinical utilization.
  3. Is system-wide, data-driven, clinical criteria based process in which key stakeholders, clinical, financial and administrative, engage in a collaboration to establish, prioritize, implement, and monitor initiatives aimed at reducing costs while maintaining or improving quality, and which align with the mission and vision of the organization.
  4. Factors such as safety, quality, process improvement, compliance, staff satisfaction, patient satisfaction, outcomes and other product relevant criteria are included and evaluated.
  5. Products and equipment will be evaluated based on:
    1. Association for Healthcare Resource and Materials Management national initiative of Cost, Quality and Outcomes (CQO)
    2. Institute for Healthcare Improvement Triple Aim Initiative of:
      1. Improving the patient experience of care
      2. Improving the health of populations
      3. Reducing the per capita cost of health care

The Value Analysis Program is approved by the Board of Directors and supported by the St. Cloud Hospital Executive Council.

The integration of essential value analysis functions occurs through:

  • Value Analysis Steering Committee (VASC)
  • Medical Technology Assessment Committee (MTAC)
  • Pharmacy & Therapeutics Committee (P&T)
  • CentraCare Value Analysis Committees
  • Medical Staff Clinical Departments and Committees
  • Care Center Boards
CentraCare has the following Value Analysis Committees that address both products and equipment:
  1. Medical Surgical Value Analysis Committee
  2. Surgical Value Analysis Committee
  3. Procedural Departments Value Analysis Committee
  4. Maternal Child Pediatric Value Analysis Committee
  5. Advanced Wound Care Value Analysis Committee
  6. Long Term Care Value Analysis Committee
  7. Anesthesia Respiratory Value Analysis Committee
  8. Laboratory Value Analysis Committee
  9. Imaging Value Analysis Committee
  10. Environmental/Laundry Value Analysis Committee

Efficiency in collection and use of information, coordination of issues, decision making and implementation is accomplished through these key bodies.

Product Standardization

CentraCare strives to standardize products and equipment to:

  1. Enhance the patient experience, safety and continuity of care across the system.
  2. Consistent best practice use of products and equipment based on evidence across the system.
  3. Decreased training needs and increased ability for clinical resources at each facility.
  4. Stock items on site or at a distributor for shorter turnaround time.
  5. Manufacturer backorders and product discontinuations addressed as a system.
  6. Notification, addressing and replacing of recalled products and equipment completed as a system.

New products and equipment must be introduced by contacting the CentraCare Supply Chain Management department. These then will be reviewed for possible approval by groups or individuals designated by CentraCare such as the Value Analysis Committees.

Products are not to be introduced into any CentraCare facility without approval of CentraCare employees officially designated to do so. Vendors are responsible for determining who are authorized to receive product introduction requests.

Payment will not be made for any products introduced without authorization.

Product trials and implementations may require staff and physician in-services. The vendor may be required to provide multiple product in-services, possibly requiring all day, multiple day and/or multiple-site sessions.