Understanding Value Analysis Committees

The process for medical device purchasing is continually adapting—but value analysis committees have maintained a prominent role in the process. If you’re trying to determine how you can work with a value analysis committee to get the devices you want to be purchased, we can help guide the process.

Take a look to learn more about what a value analysis committee is and how you can be prepared to work with one.

What is a Value Analysis Committee?

Value analysis committees help health care systems remain competitive, and they’re all about being able to show value for the devices that are purchased. Their top priority is aligning with value-based purchasing to bring down excessive expenditures while still offering the best care for patients.

Consider a value analysis committee in everyday terms: when making large purchase decisions, like a new dishwasher, you take into account a number of factors. Is this the most cost-effective product? Is it proven to be effective? Will it last long term?

Just like your everyday decisions, a value analysis committee is working to determine that healthcare systems are obtaining supplies and equipment that will provide high quality—in a fiscally responsible way.

Who is Included in a Value Analysis Committee?

Because a value analysis committee wants to provide a thorough review of all products, they are usually composed of individuals from a variety of roles, including physicians, supply chain specialists, administrators, nurses and more. This helps provide a more holistic review, allowing input from a variety of key stakeholders within the organization. Because of that, it’s important to ensure that you’re engaging everyone involved in the value analysis process, not just clinicians.

That being said, there’s no standard way for hospitals or health systems to manage their value analysis committees. The setup can vary, so it’s important that you work internally to understand who the key decision-makers are within your specific value analysis committee and communicate with them accordingly. Make sure that you ask questions and take action to reach your value analysis committee and start the process of presenting and purchasing.

What Do Value Analysis Committees Consider?

When reviewing device purchasing, value analysis committees consider a variety of factors, including:

• Cost: The device will not have a negative financial impact.
• Quality: The device is durable and reliable.
• Efficacy and Outcome: The device will consistently perform its intended purpose.
• Availability: The device will be available when it’s needed.
• Storage: The device will fit within the available storage space.
• Packaging: The device’s packaging will offer minimal waste and ease of opening.

Each value analysis committee will have its own specific set of criteria, though, so it’s important that you communicate with your internal stakeholders to understand more concretely what your specific value analysis committee considers.

The Bionix® team knows how important effective, quality devices are. That’s why our Lighted Technology ENT Products were recently awarded an Innovative Technology contract from Vizient, Inc., the largest member-driven health care performance improvement company in the country. This line of products offers unique benefits over other products available and is helping physicians and clinicians in providing excellent care.

What’s the Standard Process for Presenting to a Value Analysis Committee?

The standard process for presenting to a value analysis committee tends to vary among healthcare facilities; however, there are some general steps that can guide you as a starting point.

First, you’ll need to determine when the next value analysis committee is—and ensure that you’ve acknowledged you’d like to present during it. Once you present all of the relevant data and information to the committee, they will assess the device based on set criteria, including clinical benefits.

Negotiations will continue if the value analysis committee believes the device is worth purchasing. If the device is purchased, the process of implementation begins, which is thoroughly done to ensure optimal clinical outcomes.

That isn’t the end, though. Keep in mind that new devices are constantly entering the healthcare field, so there’s a chance you’ll have to defend your device down the road. Ensure that you’re staying up to date with the latest research and information to be prepared to re-present to your value analysis committee, as needed.

The Association of Healthcare Value Analysis Professionals (AHVAP) is working toward standardizing the value analysis process to help streamline it across all healthcare facilities—creating a more simplified path for device purchasing. But, this is an ongoing task and at present, value analysis programs vary in maturity. You’ll want to ensure you know your facility’s standard process, and the below questions can help guide that:

1. Who needs to be the product champion internally?
2. How do you engage the value analysis committee to be able to present?
3. What information is needed when presenting a new device?
4. What is the specific process for the actual presentation?
5. Who should be the main point of contact throughout the process?

Understanding the above can help ensure that moving forward, you can best work with your specific value analysis committee.

How Can You Prepare to Present to a Value Analysis Committee?

The key to presenting to a value analysis committee is understanding your facility’s specific process and schedule, in addition to having the data necessary to support the device you want to be purchased. The ability to showcase how this specific device can improve clinical outcomes and offer competitive pricing is imperative to encouraging purchasing.

Consider the below before taking your preferred device to a value analysis committee:

1. Is the product both safe and effective?
2. Is it more cost-effective than the device it will replace?
3. How does this device differ from the device it will replace?
4. Will it improve clinical outcomes?
5. Will it improve the efficiency of the physicians?
6. Are there reviews of this device from other health systems positive?
7. Are there are any negative reviews that will need to be addressed and countered?
8. Is there training or further education that will be needed for this device?

It’s imperative that you take the time to make sure you’re organized with answers to the above and have the data and reviews necessary to support your responses. After all, the value analysis committee is focused on improving outcomes while decreasing costs—so you’ll need to be able to concretely demonstrate that this device can achieve those goals.

Improving Opportunities with the Right Products

At Bionix, we understand the importance of producing medical devices that align with what a value analysis committee is seeking. That’s why we’re focused on delivering impactful, quality devices that help improve lives through better health and personal care.

We’re proud to be your partner throughout this process, and we offer a variety of support materials that can help make presenting to your value analysis committee simpler.

Ready to discover what makes Bionix different? Get in touch with a sales representative today!