Value analysis
Sourcing and Procurement
Definition
Value analysis is the structured process by which a hospital evaluates the clinical, operational and financial impact of a product before it is adopted or substituted. Effective value analysis brings clinical, supply chain and finance perspectives together with the data to support a decision.
Why it matters
Value analysis fails most often not because the framework is wrong but because the data is. Without accurate utilisation, outcome and cost data, value analysis becomes a debate about opinions rather than evidence. The hospitals that get the most out of value analysis are the ones that bring trustworthy data to the table, not the loudest voice.
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