Episode 3: What is Value Analysis?

In Episode 3, Alexandria Carr from Yankee Alliance joins the podcast team in order to discuss VALUE ANALYSIS - what it is, why it's important, who uses it, and exactly how Blue.Point makes a difference.

Whether you’re new to value analysis or looking to sharpen your approach, this episode offers practical insights and real-world perspective on how to turn “value” from a buzzword into a measurable advantage.

Want to learn more about Blue.Point? Contact us today for a free product demo! More information at www.bluepointscs.com or email jdoty@bluepointscs.com.

Data Slayer Podcast

Through this podcast, our subject matter experts will cover in-depth conversations on healthcare data, clinical research, industry trends, real-world stories, and more. 

Blue.Point provides health systems with a specialized data analysis platform designed to optimize clinical product utilization. Our technology identifies savings opportunities and delivers non-bias insights on product best practices, standardization, and utilization-driven impact across hospital systems.

Interested in learning more? Visit www.bluepointscs.com

Transcript

SPEAKER_03 0:06

Welcome to the Data Slayer podcast where insight meets impact, brought to you by the team at Blue Point Supply Chain Solutions. I am your host, Jennifer Dodey, and today we'll be we will be discussing what is value analysis. But first, some introductions. Returning, we have Anne-Marie Orlando, Keegan Smith, and Sarah Hobbes. And then joining us today, we have the special guest, Alex. Welcome, Alex. I will let you introduce yourself before we get started.

SPEAKER_00 0:33

I'm Alexandria Carr. I am a nurse by trade, and I currently hold the title of value analysis manager at Yankee Alliance.

SPEAKER_03 0:41

All right, thank you, Alex. We're excited to have you here today. Before we get started, though, let's do a quick review of our previous episodes. So in our first episode, we introduced ourselves and explained what Blue Point is and does. And for those of you just joining us, Blue Point is a data intelligence platform focused on clinical product utilization. So therefore, in our second episode, we discussed data, and that is where we get all our information and how we provide our customers with cost-saving solutions while adhering to clinical best practice. So that brings us to today's episode where we will be diving into value analysis, what it is, why it's important, who uses it, and exactly how does Blue Point make a difference. So would anyone like to summarize value analysis for us? I can do that.

SPEAKER_04 1:28

So you know, you have a lot of what it is, who it is, and things like that, but I just kind of wanted to share a little bit about what I think value analysis actually is. So I think that value analysis really ensures that every product used in patient care is selected based on like evidence, outcomes, and safety, and not just the habit of using what we always do or just the cost alone. Um so in my mind, and I honestly think just throughout history, healthcare has really struggled with that balance of quality and safety and that financial responsibility. But that's what value analysis actually provides. It's that structure, it's that data-driven approach that um really supports a smarter decision making without compromising patient care. Because you know, you always have to keep patients at the bedside, right? And you are in the value analysis world taking care of that patient just in a different way. Um, I think really, in my mind and just throughout time, value analysis has worked as a collaborative process. And so it involves a lot of different people. It involves nursing, it involves supply chain and that finance and leadership, and it all comes together as one whole in a very happy marriage, right? Um, I've equated um value analysis as kind of like the hospital's immune system to where, you know, we uh as a person, you're filtering out the sickness and things like that. And value analysis filters out those products and those decisions through safety and through evidence, which then eventually protects the patient and then overall protects the organization.

SPEAKER_01 3:26

Very nice. Yeah, that's great. I know for a long time we think about being price forward, but we now turn that around to being patient forward. And that's really important.

SPEAKER_03 3:39

Yep, exactly why we're here. Yep. Um, well, oftentimes I know people can get confused between value-based care and value analysis. So does anyone have kind of uh what just distinctions between the two?

SPEAKER_01 3:55

Yeah, I think you know, value analysis really does support value-based care because you are considering the outcomes. And I think that's one piece of value analysis that's very important is all the upfront work that you do to approve the products, but then six months later, are you having the results? And, you know, when you think about value-based care, that's really how, you know, your physicians are getting reimbursed. And are those patients getting the outcomes that they wanted, that they deserve, right? And and so for us in value analysis, that's a really big part of our job is to make sure that at the end of the day, when we say yes to a product that it really is doing what it was intended. So if we were looking at decreasing CODI rates or uh, you know, is it actually affecting those rates or, you know, falls? Is it decreasing those falls? You know, what is uh the the effect on the patient? And you know, are we and also the staff too, right? Is it are the staff satisfied? Are we having, are we using more um, you know, is that product actually alleviating any of the pressures that staff may feel? Um, you know, so so it's really uh looking at it in a in a lot of different ways, but that's you know, really helps support that.

SPEAKER_04 5:17

I like to think of value analysis as like the how, right? And then value uh value-based care is the why. So like your value-based care sets those goals, and then value analysis ties that together and provides those tools and all those decisions that help reach those goals, right?

SPEAKER_03 5:36

Yeah. So they are related but not the same. Right. Yeah. Yeah. All right. Well, speaking of all the different people that are involved in the whole value analysis process, I think it might be kind of interesting to see where some of us have come from and how we um came to value analysis. So at this point, Alex, can I put you on the spot and kind of get your new perspective? Because I know you've been from the provider side, now the industry side.

SPEAKER_00 6:03

So I honestly came into value analysis from both sides of the table. Um I started as a bedside nurse, and like a lot of my my colleagues, um, we often saw like product direct product decisions directly affecting patient care and workflow, sometimes in good ways, sometimes not so much. But we, as I like worked more, I was I always wondered um how those decisions often felt a little disconnected from the nurses or the staff that were actually using the products. So later on in life, when I moved into my more clinical clinical leadership roles with medical device companies and with other and with other industry partners, um, I completely had a different perspective. I was the one presenting to the value analysis committees and walking into those rooms with my data, with my clinical evidence, and just trying to essentially get the value analysis team to see that the product that I was bringing in would be effective for their patients. Um, being on the vendor side was eye-opening. I learned quickly that the value analysis committees aren't just looking for the newest and shiniest product, and that was often what I was bringing in. And they want the proof. They want to know: does it improve patient outcomes? Is it safe? Does it fit into existing workflows? Um, does it actually make financial sense? So sitting in those meetings really sharpened how I thought about value analysis. And I was able to take what I was selling back to my team and say, hey, you know, this is cool, but in reality, it's not gonna, we're not gonna get it anywhere if it's not truly gonna going to change patient outcomes. And then also the financial component. So what really pulled me um into realizing how powerful my clinical experience and data come together and just how I was able to not just sell products, but translate that into something meaningful meaningful for hospitals to use and something that they could measure and evaluate. And that's when value analysis started to click for me. And I wanted more. I wanted to just kind of dive into what this role really means and not be the one that's presenting the products, not being the one that's using the products, but being on that level to see how these decisions are made. I wanted a seat at that value analysis table. So just, you know, kind of taking the value analysis approach with a full like 360 view and realize that we're not just looking for things that are clinically sound and data-driven and sustainable, you have to encompass it all. And it's not just checking a box on cost savings, but including those other markers before making a decision.

SPEAKER_03 8:52

Yep. Definitely have to have a mind for curiosity to really want to know all sides. Absolutely. Yeah.

SPEAKER_01 9:00

I know that you brought up a really good point of making sure that when you walk into that value analysis meeting, right? Do you have all the information that's necessary to make that decision? Right. And and it's not always about requesting the a new product just because it's the newest and the latest and the greatest, right? What is it actually going to do for the patients? You know, is it going to address a patient safety issue? Is it going to um, you know, address a quality issue that we've been having, right? And in really answering some of those pain points that hospitals or maybe from you you brought up sustainability, you know, is our current, you know, vendor someone whose constant back orders that's putting us and our patients at risk because now we're we're constantly struggling with potential stockouts, right? And so, and so is this new product going to fill that need? And I think that in having that information, so how to address the hospital's pain points, but then also the clinical research you stated, so important to make sure you have that.

SPEAKER_00 10:12

Yeah, I mean, a lot of the times the nurses would find products like, oh, it's shiny and it's new. And then when they actually start using that, they're like, wait, this doesn't actually help with my patients. So making sure that your staff definitely is clinically engaged. And, you know, sometimes things will make it past value analysis. And when it's implemented and it doesn't work as how it was presented, then you're rolling it back. So definitely making sure you're going in there with all of your evidence and your data to make sure it fully will support patient outcomes and also make financial sense.

SPEAKER_02 10:46

How do we get all of those stakeholders that we need involved engaged at the rate they should be? Right. Because supply chain has a different lens. And like when there's tension, how do we as value analysis folks and reduce that tension and like bring it back to okay, we want a savings, we want our patients to be satisfied and best cared for, and not make the workflow that goes on to nurses who are already tapped out even like more of a stress? Like we don't want to change much, but we need to make a change. So, like, how do we reduce that tension and how do we bring all of that with the evidence and the shiny new things? You know, like how do we marry that so it can move forward? And like if there is a bump in the road and the obstacle by a certain member, like is there a way to engage them differently?

SPEAKER_04 11:56

Sometimes you think about this, like as a nurse, you you have this great idea, right? Hey, we could do this, but your idea doesn't need to be your idea, it needs to be everyone's idea, and they need to be married to take care of that patient, right? And I said earlier that everything comes together in this one big happy marriage, and it's fantastic. But really, I think this is where value analysis has this knack of um speaking both languages, like you talked about, Keegan, and um you talk clinician, but you also talk finance and you also talk um just in general champion world, right? Who can get behind this idea to bring it forward? Is it the leadership? Yes, it's a big part of it, but is it the clinicians that are at the bedside that are doing it all the time? Absolutely. And then you have supply chain. So you've got to think in terms of for value analysis, you've got to think in terms of all of these different roles, put all these different hats on. You've got to improve those workflows and how those products get selected, and you've got to eliminate all those inefficiencies. So coming to the table, like Alex said, with everything. So, and then that helps every team member align. And so you're not just throwing out an idea thinking this is great, we should do it like this, but it's more, hey guys, how can we collaborate and make this work together? And many times it's let's bring that sample to the table, let's look at it, let's put our hands on it, let's see what this does and how it eventually, and like we always say, comes back to the patient. Because again, you've got to find that commonality. And I think your commonality within the health system and within value analysis is bringing the product back to the patient to where everyone can see it through that lens, even though they're looking at it through different lenses, finance, supply chain, things like that. So I think that that really helps with value analysis because that's where we as value analysis professionals bridge that gap.

SPEAKER_01 14:10

And we also have to know who are the right people. And I think that's another knack of, you know, we are not just focused on one area of the hospital. You know, our span of influence is pretty broad and it covers a lot of uh territory. And making sure that we have the right people is, you know, what that right person is. Is it may not be the leader in that department, but it may be someone, maybe a charge nurse who's been there for a lot of years, and maybe they have a great um, you know, they ask a lot of questions. And, you know, they they're very cute, you know, you bring up curiosity, but you know, you they ask a lot of questions about the research that's involved. You know, what what are the references that they're talking about? What is the outcomes? And and they're open to um asking questions. I think some of the barriers that we find that I have encountered in in my tenure in uh in value analysis is people don't want to, well, I don't want to, that's not my department. I don't want to tell them they can't have something, right? I don't want to question, you know, that that department or the research that they're bringing forward because, you know, that's not my specialty. So how would I know? Um, you know, so I think there's there needs to be a certain level of curiosity and and a certain level of being able to uh want to find what that evidence is and and having that that discussion at the the VA you know committee, whether it's a committee or your team or your council, whatever that is, uh not being afraid to talk about, you know, especially some of those harder uh discussions that you have when you are, you know, maybe possibly denying something because of just price alone, right? The outcomes are are there, the outcomes are supporting of, but maybe the price is just out of the reach of the facility at that time, right? Um, and you just can't bring it, bring it onto that service line. So um, you know, so that's that's just you know, sometimes the realities of, you know, especially nowadays and with the margins being so narrow, if not negative, right? That hospitals really need to think about what's what am I doing for the greater good, right? I need to keep these doors open at the end of the day, right? And so we need to, you know, figure out how we can provide amazing care and great outcomes, but also keep those doors open.

SPEAKER_03 16:42

Well, on that note, um, we can discuss maybe a little bit how does Blue Point kind of marry all of those things we've talked about and really kind of help um any one of the stakeholders, any of the people involved. I think we have something that can speak to every single one.

SPEAKER_02 17:01

I think Blue Point does a really good job of moving the abstract data, right? Like we get so much data in and we move it forward to a concept. So then our customers and those who are using it can make it into a measurable business result, right? It's answering a question that they have, and we're able to give them the information to support and answer their questions through our trend dashboards, right? You're easily able to see top KPIs, top product types, product details, like all right there in a visual. And then that can drive them to the next thing, like, okay, now I'm seeing this as, you know, a reason that we need to like we need to address this item. Now let me go to the action plans that Blue Point offers. Is this an action plan? And what are they saying that the top performers are doing? And what steps could be done to take us to answer this question that we have and see the results of savings, right? And or just bettering the practice in that unit or how the hospital is using it. So you've got the trend dashboards, you've got the action plans, and then you've also got all of the evidence to back that up, right? So Blue Point is taking you step by step and making it so that a nurse or a supply chain person can come into it, see that data, use that data, and then go forth to the other stakeholders and say, okay, I've got the data in a visual way that everyone can understand and also in a more detailed way, right? And then I've got the action plan that we need to focus on, and I've got the evidence to back it up. Now we need to track it. So Blue Point also offers their project tracker so that you can track, okay, we've brought all these stakeholders in, we've decided to focus on this action plan. Now we're gonna track it and hopefully see that trend in those savings uh as a result. So I think that's how Blue Point helps like operationalize the data and work in each step with the value analysis team and all of those stakeholders.

SPEAKER_03 19:50

Yeah, it's all inclusive. So you don't have to go anywhere else to get that clinical best practice or do any other extra legwork, like we're baking it all in to make this um, as you said before, I think Sarah was talking about the stress or like relieving the stress from the staff or from at any point.

SPEAKER_02 20:08

It's a good like collaborative, right tool. And then you've got people like Sarah and Anne-Marie who are there to be like, okay, like here's the information. Like we are also an extended branch of your team. So, like, here it is. Like, let us help, let us continue to help summarize, continue to help dig into stuff with you and your team to make this a success. It truly is like a collaborative step-by-step platform.

SPEAKER_03 20:43

Yeah, we don't want to just take the data, make it look nice, but then still present it to you to the point where you're gonna be confused by it still. Because it's even, you know, once it gets to that visual, um, it can still be overwhelming at times because there is so much data. Um, and we have ways of um looking at it from all different directions. So, yeah, working with each facility to make sure that what specific um topic they want to look at um that we will help get there, not make you guess on your own.

SPEAKER_01 21:18

And what's really good is that we're being GPO agnostic, you know, we look at products a little bit differently. So while all of our um, you know, categorizations may not align exactly with the way your contracts are with whatever GPO you're using, we are able to create crosswalks between that so that if you're a value analysis or supply chain and you're looking at boy, I have this contract rolling in a few months. You know what? Why do I have to look at all of those products? Let's sit let's tackle utilization at the same time. And so we help them create that crosswalk with their uh, you know, individual GP. So that as they're looking at those particular conversions or whatever, we can add in that utilization layer. So it really help them to streamline options, align the best practice, and decipher some of that clinical evidence. You know, we do get a lot of that question, those questions too. On, hey, does this make sense? What is the latest on this evidence? You know, is it is this still valid? Uh and and we will say, yep, let's let us take a look at it. I think our the last one we we looked at, uh, someone was asking about uh the requirements of toothbrushes and ADA requirements on on uh toothbrush used in the hospital. And we were able to put together, I think it took us you know just a few days, and our clinical research, um, our content specialist, she was able to put that together for them. And they were thankful for that because you know it helps them make a decision that was going to potentially be a very large expense to their organization.

SPEAKER_03 23:07

So okay, that was gonna lead me into my next question is if we had any other success stories that we can share on how Blue Point has, you know, taken the data, come up with an action plan, followed through, and actually realized savings for the facility.

SPEAKER_01 23:25

Well, I was gonna say we do it, we have a ton, but I'm thinking um we have a whole bunch of other podcasts that we're gonna dive into deeper into those particular categories. So I I was gonna ask Alex though, I think from from one perspective, I I know she's newer to using the platform or that kind of platform. What have you found as far as you know the tools that Blue Point brings? Do you is that something that has made it easier for you to have some discussions? Yeah, it's very helpful.

SPEAKER_00 24:00

It's you know, like Jen said or Jennifer said, you know, the data can be overwhelming. So to see it written there and then you have to have your action plans, it's like, okay, this is what you're spending, this is what you could be saving. It's like, how? How do you do that then? So just being able to go through the action plan and sit and be able to see where these top hospitals or top performers are spending and where your hospital could find these areas to save, and then highlighting exactly how you do that. It's not just here are the numbers and I'll go figure it out. It's that step down, like walking it through how to actually achieve those savings and the project tracker. I love it. I live there. Um, that's just once I agree, once I agree with my members, like this would be a good category to focus on to be able to actively go in and look at that tracker and see, all right, we're training in the right direction. And then when things aren't looking right, to be able to reach out to that member and let them know, hey, something's going on here. And then they have an internal call to then get them back on track. So it's been extremely helpful to not just give them the numbers, but then to also have different ways to get them to achieve their goal. Yeah.

SPEAKER_04 25:12

That's you know, I think it's kind of neat too as you think about doing it as using the platform being fairly new to Blue Point. Um, I really I'm looking at it as in, okay, I need to tell them to do this instead of that, or do that instead of this, you know, and how am I going to drive that? Um, I think I've talked to Anne Maria a million times about it. I'm like, what am I supposed to say? I don't know, you know, and so it's like trying to pull that together, but then really looking at those action plans really drives that clinical evidence. You see those top performers. Well, why are they top performers and what are they doing that makes them better than what we're doing? Yeah, right. And so I think that that's what's so neat about it is it kind of connects that data, but it also makes you um really look at why am I doing what we're doing, or why is the hospital, let's say, doing what they're doing, and how can I make that better? Like we're constantly nurses are constantly looking at making things better, right? This is just another piece of that, and it really helps because it does connect that data, it connects that clinical perspective and the evidence, and then it makes it say it makes it kind of easy, like let's do this because the clinical data and the evidence drives me that way, but it's not just going to help financially, it's gonna help figure out how I can focus and what we can do as a hospital system to make the process better, right? So you're not just looking at it as far as it's just one little thing. And uh and Marie kind of alluded, you think about it, it's one big umbrella, right? Like this is what we're doing and this is why, but this is where we're going to drive it because it's gonna ultimately, again, I've said it a million times, help the patient, but it's gonna help the hospital system too. And so I think that that's where Blue Point drives that um because it does bridge it all together.

SPEAKER_03 27:14

Very well said. Anyone else have anything, any points they want to bring up about value analysis that we might not have covered?

SPEAKER_01 27:23

If you are involved in value analysis within your organization, I think you need to really make sure that you are connecting to other value analysis professionals. I think it's really important for sharing, and I would be uh I would have to put a plug-in for uh the Association of Healthcare Value Analysis Professionals or AVAP because I think that that organization in particular is really helpful in providing us a platform for our profession to elevate our profession, to give us the tools we need to bring to our teams. And uh I think that it's um unlike any other organization in terms of the education and the opportunities that it provides to be able to help uh cross-pollinate those types of best practices.

SPEAKER_03 28:17

So yeah, collaboration is key. You can't live in a vacuum and expect to um be successful. All right, well, that sounds like a wrap on today's episode. Now that we have a better understanding of what value analysis is, our next topic will focus a little bit more on how to bring it to your facility, like we were just talking about, and implementing it successfully and what that means to everybody involved in the entire process. Um, so thank you for joining us. Uh please like and subscribe, hit a notification bell if you have one, wherever you are watching or listening to our podcast, so that you can be informed when our next episode airs. Um, if you're interested in having a demo of Blue Point or just getting some more information, we will have links to all our social media and our website in the description of this episode. Uh and remember, best practice does not have to cost more when you split your data with Blue Point. Until next time. Bye. Bye. Thanks everyone. Well, he did a great job on his first podcast.

SPEAKER_01 29:29

I know.

SPEAKER_00 29:29

He did good. He did good.

SPEAKER_01 29:31

He's our official third episode mascot.

SPEAKER_00 29:35

Yeah. Yeah. I'm surprised. I'm surprised he didn't make an appearance. I was like, please don't, don't punch me in the face. I don't think he'd be.

SPEAKER_04 29:43

He still may.

SPEAKER_01 29:46

I was gonna say he could have been in the whole podcast for crying out loud. I mean, I think that's what's nice about a podcast. And cut.