Standardization Is Key to Maximizing Total Value of Patient Care Products

Every hospital and health system aims to deliver the best possible patient care while at the same time managing the cost of care. But controlling costs has become more important than ever, since the COVID-19 pandemic has battered many health system budgets in recent months. 

As healthcare organizations (HCOs) move to reduce costs, they sometimes inadvertently focus on per-unit costs rather than considering total value. “The ‘cost’ of a product generally refers to the raw cost or the line-item cost,” said Jacqueline Thiebe, Value Analysis Portfolio Manager, Surgical Services, UW Medicine. “But ‘value’ is more encompassing and considers the clinical benefit, along with the cost analysis. Value incorporates the quality of care, the quality of service, and the patient experience.”