The healthcare environment is demanding value.
The reason is simple.
Healthcare is rapidly becoming unaffordable. For the first time in the history of the world, we are approaching a point in time when even treatments that are deemed "cost-effective" (i.e., worth their price in terms of the value they deliver) are not affordable.
Healthcare is expensive. Outcomes are subpar. And frustration is everywhere.
Payers keep raising premiums. Employers are losing profits to healthcare. Manufacturers are cutting prices to appease markets. Providers are overworked and underpaid. And patients continue to get short-changed, paying more and more for less and less.
Healthcare science and technology are advancing. But very few will be able to afford the innovations they and their families need at the current pace of price inflation.
Most agree that the healthcare system is broken.
Many want to fix the system, but the scope of changes required is overwhelming to the point of paralysis. And improvements in one area often have negative consequences for others.
Misaligned incentives, information overload, and a fragmented system form colossal barriers that feel impossible to overcome.
It is this complexity that has entrenched the status quo in healthcare. And there are too many individuals and entities making too much money to support the radical change that is needed for relief.
But there's good news...
There's a simple solution.
One that when applied to every facet of healthcare will actually improve the system.
Costs go down, Outcomes improve, Employers, manufacturers, and providers drive profits. And patients win, physically and financially.
There's a way to smash through barriers with a fundamental approach that reconciles misaligned incentives, separates the noise of information overload from the signal that matters, and unifies divergent parts of a fragmented system.
The solution is an intentional focus on value in healthcare.
When we do value on purpose, we overcome the complexities in healthcare that hold us back from achieving our goals... from turning our visions into reality.
In short, because everyone wants value!
All major stakeholder sin healthcare -- payers, providers, employers, manufacturers, and patients -- want value. Yes, the specifics are unique to each group. But when we focus on value, we create win-win solutions that exceed expectations, deliver delight, and sell themselves.
But value doesn't just happen.
It requires being intentional. An intentional focus on value is a skillset that enables us to do value on purpose repeatedly... in a way that creates a compound effect with exponential results. An intentional focus on value is deliberate, systematic, consistent, organized, scientific, objective, valid, and reliable. It is a repeatable and reliable process that guides us to use the right information at the right time to make the right decisions... over and over again.
Doing value on purpose creates win-win solutions that are rapidly adopted by the market. High uptake expands the benefits delivered for individuals, organizations, and society in terms of performance, outcomes, and impacts. Ultimately, an intentional focus on value turns healthcare visions into reality.
ABOUT VALUE VITALS
That's exactly why we founded ValueVitals.
To help healthcare leaders:
- - Build confidence in and control over their healthcare investment decisions
- - Generate higher returns and productivity on their healthcare expenditures
- - Overcome objections to their product pricing and contracts
- - Eliminate wasteful spending on healthcare that is "low-value"
- - Communicate their value to customers so well that it resonates every time
Our approach is simple. We employ established scientific tools to the topic of value in a way that drives objective output. That output delivers confident decision-making in healthcare for investment decisions, for data generation decisions, and for treatment decisions. And the best part is we make it simple so our partners build skills they can use the rest of their careers to drive profitable decisions for individuals, organizations, and society as a whole.
Learn what the ABC's of Value can do for you
"A" is for Assess Value
The ability to assess value is a super-power. Once you understand how to assess value, you instantly are empowered to make better decisions with confidence.
You see, thoughtful consideration of value delivers much more than focusing on price. Value incorporates the benefits received (or not) in exchange for that price. The classic equation for value is the following:
VALUE = Price / Benefits
While it is easy to know price, quantifying the benefits is not as straight-forward. As a result, attention to benefits is typically ignored or minimized in a way that produces market inefficiencies.
But once you learn how to assess value well, you naturally look at price in combination with the benefits you receive (or not). As a result, you make better decisions with confidence. You also get a fuller appreciation for everything a given purchase can do for you, and avoid purchases that cost you time, money, and stress in other areas.
In healthcare, skills in assessing value guide you towards choosing healthcare solutions that are "high-value" so you can stop wasting money on "low-value" interventions. When you apply this approach in decision after decision, efficiencies and returns skyrocket.
The Value Vitals 3-step method for assessing value is:
"B" is for Build Value
The ability to build value is another super-power. After all, every profitable product or service is successful because it delivers value. That means it goes beyond 1 + 1 = 2 and delivers 1 + 1 = 10-plus!
But building value is a skill in any industry. In the real estate industry, value is built by introducing the right combination of materials, layout, and location to make a flip profitable. In the restaurant business, value is built by investing in producing an experience that includes the food, the environment, and the service.
In healthcare, building value can be simplified down to one common denominator - DATA. When you have the right data, you can prove your value to your customer.
The Value Vitals 3-step method for building value is:
"C" is for Communicate Value
Communicating your value is the third super-power. When you are unable to effectively package your value into messaging that influences customers, you cannot drive profits, innovation, and future investments.
Marketing science can be difficult. Science is naturally complex, and your customers don't always understand the nuances or potential impact of your innovation.
But people are people, and thus, they respond to classic marketing techniques that are proven to work. For example, story-telling and the hero's journey are profoundly effective ways to sell products... even scientific ones.
You only need to know the techniques to frame your value into marketing messaging that sells.
The Value Vitals 3-step method for building value is: