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Health-care spending — especially in countries such as the United States — is escalating at a rapid pace. At the same time, quality and effectiveness of health-care services continues to attract attention.
Health-care providers such as hospitals, pharmaceutical companies and medical-equipment manufacturers can benefit from VM use. The value methodology (also known as value engineering, value analysis and value management) can help a health-care organization by:
- Lowering operating and maintenance costs.
- Improving quality management.
- Improving resource efficiency.
- Simplifying procedures.
- Minimizing paperwork.
- Lowering staffing costs.
- Increasing procurement efficiency.
- Optimizing construction expenditures.
"Bristol-Myers Squibb has for several years used VM to maximize value while meeting demanding standards of performance, safety and quality. Central Engineering systematically uses VM from project definition through construction."
— Paul Lorenzo
Bristol-Myers Squibb Inc
Using the value methodology can help providers deliver quality while retaining patient volume and containing costs to ensure viability. The VM process can meet the goal of helping the customer by lowering operations and construction costs, improving the quality of care and developing a bond with the client.
Management and staff will benefit from the mutual efforts to effect an increase in efficiency and effectiveness, lowered costs, and improved image to the client and other user groups. Involving health-care suppliers in the VM process can result in cost savings through a restructuring of supplier processes.
"The value management process for health-care capital projects has saved New York City hundreds of millions of dollars. The process has enabled the city to reduce the cost of major health-care projects by 24 percent over [a six-year period]. I count on VM findings to implement the most cost-effective use of the city’s resources."
— Helen Rosenthal
Office of Management and Budget
City of New York
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