GHX and AHVAP Survey Identifies Trends in Healthcare Value Analysis

New Survey and Whitepaper Pinpoint Areas of Focus and Growth for the Industry, Including Addressing Knowledge Drain and Increasing Physician Engagement

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."

Other Key Takeaways:

Survey respondents highlight critical areas of concern and opportunity for HVA professionals:

• Data-Driven Decision-Making: The survey data indicates a clear trend towards the adoption of advanced analytics and data-driven decision-making in value analysis. In 2024, 34.04% of organizations reported using comprehensive tools and resources to inform their value analysis processes. This reflects a slight increase from 2023, when 32.93% of respondents indicated use of similar advanced analytics tools.
• Resilience in Supply Chain Programs: The survey highlights a significant increase in the emphasis placed on resilience within supply chain and value analysis programs. This year, respondents rated the resilience of their programs with a weighted average score of 3.74 out of 5, marking an improvement from 3.45 in 2023.
• Savings Targets: 72.41% of healthcare organizations surveyed have savings targets tied to their budgets. This highlights the critical need for HVA to meet financial objectives while ensuring patient care quality. However, more than 54% of respondents still lack a comprehensive understanding of their organization's net patient revenue (NPR), underscoring the importance of financial literacy initiatives.

For more insight on HVA challenges and opportunities, download the full whitepaper here.

Methodology
The survey was completed by 1,635 U.S. healthcare leaders between June 25 and July 19, 2024. Survey respondents represent a wide range of healthcare delivery systems, with the majority (57.8%) being part of integrated delivery networks (IDNs). 

About GHX
Building on decades of collaboration among providers, manufacturers, distributors and other industry stakeholders, Global Healthcare Exchange, LLC (GHX) is leading the charge in helping organizations run the new business of healthcare. By automating key business processes and translating evidence-based analytics and data into meaningful action, GHX is helping the healthcare ecosystem to move faster, operate more intelligently and achieve greater outcomes. With the support of GHX, healthcare organizations have removed billions of dollars of wasteful healthcare spend. For more information on GHX's suite of cloud-based supply chain solutions, visit www.ghx.com and The Healthcare Hub.

Media contact:
Eileen Flynn, Tier One/GHX
[email protected]
(781) 572-4912

SOURCE Global Healthcare Exchange (GHX)