Skip to main content
Subscribe
  • Sign Up Free
  • Login
  • Subscribe
  • News
    • Current News
    • Providers
    • Insurance
    • Government
    • Finance
    • Technology
    • Safety & Quality
    • Digital Health
    • Transformation
    • ESG
    • People
    • Regional News
    • Digital Edition (Web Version)
    • Patients
    • Operations
    • Care Delivery
    • Payment
    • Midwest
    • Northeast
    • South
    • West
  • Blogs
    • AI
    • Deals
    • Layoff Tracker
    • HIMSS 2023
  • Opinion
    • Breaking Bias
    • Commentaries
    • Letters
    • From the Editor
  • Events & Awards
    • Awards
    • Conferences
    • Galas
    • Virtual Briefings
    • Webinars
    • Nominate/Eligibility
    • 100 Most Influential People
    • 50 Most Influential Clinical Executives
    • Best Places to Work in Healthcare
    • Excellence in Governance
    • Health Care Hall of Fame
    • Healthcare Marketing Impact Awards
    • Top 25 Emerging Leaders
    • Top Innovators
    • Diversity in Healthcare
      • - Luminaries
      • - Top 25 Diversity Leaders
      • - Leaders to Watch
    • Women in Healthcare
      • - Luminaries
      • - Top 25 Women Leaders
      • - Women to Watch
    • Digital Health Transformation Summit
    • ESG: The Implementation Imperative Summit
    • Leadership Symposium
    • Social Determinants of Health Symposium
    • Women Leaders in Healthcare Conference
    • Best Places to Work Awards Gala
    • Health Care Hall of Fame Gala
    • Top 25 Diversity Leaders Gala
    • Top 25 Women Leaders Gala
    • - Hospital of the Future
    • - Value Based Care
    • - Hospital at Home
    • - Workplace of the Future
    • - AI and Digital Health
    • - Future of Staffing
    • - Hospital of the Future (Fall)
  • Multimedia
    • Podcast - Beyond the Byline
    • Sponsored Podcast - Healthcare Insider
    • Sponsored Video Series - One on One
    • Sponsored Video Series - Checking In with Dan Peres
  • Data & Insights
    • Data & Insights Home
    • Hospital Financials
    • Staffing & Compensation
    • Quality & Safety
    • Mergers & Acquisitions
    • Data Archive
    • Resource Guide: By the Numbers
    • Surveys
    • Data Points
  • Newsletters
  • MORE+
    • Contact Us
    • Advertise
    • Media Kit
    • Jobs
    • People on the Move
    • Reprints & Licensing
MENU
Breadcrumb
  1. Home
June 16, 2015 12:00 AM

3 Strategies for Defining Value in Healthcare

James Boye-Doe, Covidien
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print

    What is the definition of value in healthcare? In a previous post, we talked about how the U.S. healthcare system is transitioning from a fee-for-service to a pay-for-performance system. Central to this transition is the concept of value in healthcare. To expand on this, we recently discussed the evolving healthcare landscape with a panel of healthcare providers; we specifically asked how their organizations are changing their approach to delivering value to the communities they serve. These panelists delivered a wealth of strategies for serving patients and communities effectively under the new value-based business paradigm. Here are a few key takeaways:

    1. Understand the new, lean context of healthcare delivery

    Dr. William Mayfield, Chief Surgical Officer at WellStar Health System, discussed how the rapid acceleration of surgical expenses combined with the reduction in reimbursements by the government and private payers has put downward pressure on hospital profit margins. Given that surgical services traditionally have driven profitability in healthcare systems, this is a new challenge for providers who are now forced to change how they partner with suppliers. During the panel, we discussed how other health systems are evolving to meet this challenge

    2. Value in healthcare is about the patient

    Betty Jo Rocchio, Vice President of Perioperative Performance Acceleration at Mercy Health, defined value as providing the best outcomes for the patient at the lowest possible cost. To reflect this, her institution has moved away from a supply focus toward patient needs and outcomes.

    Roccio looks for suppliers who demonstrate how they can help Mercy make better value decisions. Suppliers who understand how to help clients increase value – in whatever way the individual hospital or health system defines that term – will be considered true partners in delivering high-quality healthcare.

    3. Scrap the transactional view of supply chain management

    The evolving partnership between health systems and suppliers is no longer solely focused on products and sales transactions. “It's about the right supply at the right time for the right patient in the right context,” Rocchio said. Providers need to set aside the old concept of “buy more” for less in favor of forging valuable relationships with suppliers that help them meet their supply chain needs in a new, more precise way.

    Although this value-focused partnership between healthcare systems and suppliers is still in its early days, our recent panel discussion shows willingness from both the provider and supplier side to work together to provide better value to patients.


    Read more from Covidien's Sharing Healthcare Solutions blog

    Visit Sharing Healthcare Solutions to get content that helps solve your challenges in healthcare.

    View original post.

    James Boye-Doe is a senior healthcare marketing leader and growth strategist, with over 15 years of experience in marketing and technology leadership roles with category-leading organizations in the healthcare, SaaS and data networking industries. Currently serving as Director, Head of US Specialty Marketing for the Minimally Invasive Therapies Group (MITG) of Medtronic, he is responsible for leading the charge to establish specialty growth platforms that increase access to care, improve patient outcomes and drive sustainable procedure growth in focus disease states.

    Letter
    to the
    Editor

    Send us a letter

    Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.

    Recommended for You
    Mary Adams
    How Genesis HealthCare is addressing DEI issues
    15017362646_36164a3c07_c.jpg
    Ex-Cigna executive Tim Wentworth could be next Walgreens CEO
    Most Popular
    1
    Centene to lay off 2,000 workers
    2
    How health systems are battling price-gouging allegations
    3
    Senate advances bill to temporarily aid hospitals, health centers
    4
    Elevance, Blue Cross Louisiana halt $2.5B proposed deal
    5
    Tower Health to sell urgent care centers, close others
    Sponsored Content
    Get Newsletters

    Sign up for enewsletters and alerts to receive breaking news and in-depth coverage of healthcare events and trends, as they happen, right to your inbox.

    Subscribe Today
    MH Magazine Cover

    MH magazine offers content that sheds light on healthcare leaders’ complex choices and touch points—from strategy, governance, leadership development and finance to operations, clinical care, and marketing.

    Subscribe
    Connect with Us
    • LinkedIn
    • Twitter
    • Facebook
    • RSS

    Our Mission

    Modern Healthcare empowers industry leaders to succeed by providing unbiased reporting of the news, insights, analysis and data.

    Contact Us

    (877) 812-1581

    Email us

     

    Resources
    • Contact Us
    • Help Center
    • Advertise with Us
    • Ad Choices
    • Sitemap
    Editorial Dept
    • Submission Guidelines
    • Code of Ethics
    • Awards
    • About Us
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Modern Healthcare
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • News
      • Current News
      • Providers
      • Insurance
      • Government
      • Finance
      • Technology
      • Safety & Quality
      • Digital Health
      • Transformation
        • Patients
        • Operations
        • Care Delivery
        • Payment
      • ESG
      • People
      • Regional News
        • Midwest
        • Northeast
        • South
        • West
      • Digital Edition (Web Version)
    • Blogs
      • AI
      • Deals
      • Layoff Tracker
      • HIMSS 2023
    • Opinion
      • Breaking Bias
      • Commentaries
      • Letters
      • From the Editor
    • Events & Awards
      • Awards
        • Nominate/Eligibility
        • 100 Most Influential People
        • 50 Most Influential Clinical Executives
        • Best Places to Work in Healthcare
        • Excellence in Governance
        • Health Care Hall of Fame
        • Healthcare Marketing Impact Awards
        • Top 25 Emerging Leaders
        • Top Innovators
        • Diversity in Healthcare
          • - Luminaries
          • - Top 25 Diversity Leaders
          • - Leaders to Watch
        • Women in Healthcare
          • - Luminaries
          • - Top 25 Women Leaders
          • - Women to Watch
      • Conferences
        • Digital Health Transformation Summit
        • ESG: The Implementation Imperative Summit
        • Leadership Symposium
        • Social Determinants of Health Symposium
        • Women Leaders in Healthcare Conference
      • Galas
        • Best Places to Work Awards Gala
        • Health Care Hall of Fame Gala
        • Top 25 Diversity Leaders Gala
        • Top 25 Women Leaders Gala
      • Virtual Briefings
        • - Hospital of the Future
        • - Value Based Care
        • - Hospital at Home
        • - Workplace of the Future
        • - AI and Digital Health
        • - Future of Staffing
        • - Hospital of the Future (Fall)
      • Webinars
    • Multimedia
      • Podcast - Beyond the Byline
      • Sponsored Podcast - Healthcare Insider
      • Sponsored Video Series - One on One
      • Sponsored Video Series - Checking In with Dan Peres
    • Data & Insights
      • Data & Insights Home
      • Hospital Financials
      • Staffing & Compensation
      • Quality & Safety
      • Mergers & Acquisitions
      • Data Archive
      • Resource Guide: By the Numbers
      • Surveys
      • Data Points
    • Newsletters
    • MORE+
      • Contact Us
      • Advertise
      • Media Kit
      • Jobs
      • People on the Move
      • Reprints & Licensing