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As BWH continues to examine ways to succeed as a leading academic medical center, the hospital has launched a Value Analysis Program (VAP). The program is centered on process improvements and cost savings as a means of successfully managing change in an evolving health care market. The goal of the VAP is to help BWH improve performance and reduce costs while increasing the quality of patient care BWH delivers.
“We have created a program, as proven by other hospitals, that we hope will enhance continuity of care throughout the institution, improve patient outcomes, increase patient satisfaction and result in overall cost savings or revenue for BWH,” said Nancy Masaschi, director of the Value Analysis Program.
Specifically, the VAP is targeting the following key areas: clinical product and equipment evaluation, ordering and purchasing processes, clinical product inventory management and equipment tracking. Additionally, cost savings programs such as the reprocessing of single use devices and standardizing thermometry methodology will also be introduced. Finally, the VAP will launch several technology improvement projects such as needle safety and infusion pump technology initiatives. By concentrating on and analyzing these areas, the VAP will look toward solutions that streamline processes, standardize or reduce costs for products and equipment and introduce or upgrade outdated technologies. In only one year, BWH has saved more than $500,000 through the VAP. By applying the principles of the program to the FY02 budget, the budget was reduced by an additional $1.5 million.
“The VAP is an innovative approach to investigating new opportunities for improving efficiencies and reducing costs,” said Masaschi. To carry out the mission of the program, a Value Analysis Committee comprised of physicians, nurses, pharmacists, biomedical engineers, financial advisors and other hospital staff has been established. The committee has been charged with identifying opportunity for cost savings and overseeing the process for the evaluation and approval of clinical products, equipment and technology.
“I encourage all staff to be thinking creatively about ways to reduce costs and enhance patient care in their areas to assist this important effort,” said Masaschi. For more information, or to submit a suggestion, email Masaschi (nmasaschi@partners.org).