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March 21, 2024

Collaborate on Value Analysis to Drive Supply Chain Success

Value analysis serves as a cornerstone for fostering collaborative relationships between Integrated Delivery Networks (IDNs) and suppliers within health care. An article in The Journal of Healthcare Contracting details invaluable perspectives shared at the IDN Insights West panel that included Cheryl Anderson Smith, System Director of Value Analysis at Steward Health Care, and Dr. Jimmy Chung, chief medical officer at Advantus Health Partners.

Jimmy Chung, Advantus, Advantus Health Partners

During the panel Dr. Chung and Cheryl discussed:

  • What value analysis looks like in their organizations
  • What they are looking for in supplier partnerships

Cheryl shed light on Steward Health Care’s approach to value analysis, emphasizing an integrated analytical approach that prioritizes patient care outcomes, quality, and cost-effectiveness. She referenced the importance of multidisciplinary involvement in the decision-making process. Steward Health Care saw successes with this collaborative approach in the development of an advanced wound care formulary.

Dr. Chung echoed the sentiment, emphasizing the need to optimize value from the patient’s perspective while advocating for the removal of individual preference from decision-making processes within health care supply chains. He pursues partnerships that achieve mutual goals through regular meetings and transparent communication.

“Who is giving us the best response in our RFP, and are they ready to be a partner?” says Dr. Chung. “From the Advantus perspective, we’re creating our own GPO portfolio. So it’s really more about whether they see a vision into the future with us, with our clinically driven model.”

Both leaders seek strategic partnerships in the value analysis process. Cheryl prioritizes partners based on product categories and vendor relationships, while Dr. Chung pursues a shared vision and long-term commitment in meaningful collaborations.

The insights shared by Cheryl Anderson Smith and Dr. Jimmy Chung demonstrate the importance of value analysis in developing partnerships that drive value for both health care organizations and their patients. By prioritizing collaboration, transparency, and shared goals, health care stakeholders can navigate the complexities of the supply chain landscape and deliver optimal outcomes for all stakeholders involved.

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