GHX and AHVAP survey identifies trends in healthcare value analysis
Press releases may be edited for formatting or style | October 01, 2024
Business Affairs
LOUISVILLE, Colo., Sept. 17, 2024 /PRNewswire/ -- Global Healthcare Exchange (GHX) and the Association of Healthcare Value Analysis Professionals (AHVAP) today shared the results of an industry-wide survey analyzing the current state of healthcare value analysis (HVA). The survey underscores the increasingly critical role of HVA in achieving operational efficiency, improving patient outcomes and managing costs in complex, resource-constrained healthcare environments.
The pressure on health systems to manage costs continues, while they navigate regulatory changes and focus on delivering high-quality patient care. By systematically evaluating products, services and technologies through the lens of clinical efficacy, cost-effectiveness and overall value, HVA empowers organizations to make informed decisions that align with their mission and goals.
"Value analysis has become a vital practice within healthcare. It helps us figure out the best ways to take care of people while keeping costs in check," said Suzanne Smith, BSN, RN, Principal Solution Advisor, Value Analysis, GHX. "By looking at the costs and benefits of different healthcare treatments, healthcare organizations can make smarter decisions about where to put their resources, which means better care and less waste."
One of the critical challenges revealed in the survey is the persistent gap in physician engagement. Despite efforts to involve physicians in value analysis processes, 85.11% of respondents reported "less than strong" engagement. Strengthening collaboration with physicians by facilitating evidence-based discussions is essential to achieving both clinical and financial alignment.
The survey also highlights emerging challenges, such as the potential knowledge drain within the HVA workforce. With nearly 20% of HVA professionals possessing over 16 years of experience and many approaching retirement, this knowledge drain could create a significant experience gap. Nearly a third (29.69%) of respondents have 0-3 years of experience in the field, emphasizing the urgent need for mentorship and knowledge-sharing programs to sustain the sector.
"AHVAP is once again thrilled to collaborate with our industry partner, GHX, on this new extensive industry survey, which will provide critical insights and drive advancements in the field of healthcare value analysis," said Dr. Hudson Garrett, Executive Director and Executive Vice President of the Association of Healthcare Value Analysis Professionals. "Together, we are committed to empowering healthcare professionals with the knowledge and tools needed to enhance patient care and optimize value across the healthcare continuum."
The pressure on health systems to manage costs continues, while they navigate regulatory changes and focus on delivering high-quality patient care. By systematically evaluating products, services and technologies through the lens of clinical efficacy, cost-effectiveness and overall value, HVA empowers organizations to make informed decisions that align with their mission and goals.
"Value analysis has become a vital practice within healthcare. It helps us figure out the best ways to take care of people while keeping costs in check," said Suzanne Smith, BSN, RN, Principal Solution Advisor, Value Analysis, GHX. "By looking at the costs and benefits of different healthcare treatments, healthcare organizations can make smarter decisions about where to put their resources, which means better care and less waste."
One of the critical challenges revealed in the survey is the persistent gap in physician engagement. Despite efforts to involve physicians in value analysis processes, 85.11% of respondents reported "less than strong" engagement. Strengthening collaboration with physicians by facilitating evidence-based discussions is essential to achieving both clinical and financial alignment.
The survey also highlights emerging challenges, such as the potential knowledge drain within the HVA workforce. With nearly 20% of HVA professionals possessing over 16 years of experience and many approaching retirement, this knowledge drain could create a significant experience gap. Nearly a third (29.69%) of respondents have 0-3 years of experience in the field, emphasizing the urgent need for mentorship and knowledge-sharing programs to sustain the sector.
"AHVAP is once again thrilled to collaborate with our industry partner, GHX, on this new extensive industry survey, which will provide critical insights and drive advancements in the field of healthcare value analysis," said Dr. Hudson Garrett, Executive Director and Executive Vice President of the Association of Healthcare Value Analysis Professionals. "Together, we are committed to empowering healthcare professionals with the knowledge and tools needed to enhance patient care and optimize value across the healthcare continuum."
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