Do you have a value proposition?

It’s day 1 of the ASA Practice Management™ 2018 conference in the Big Easy and before the opening keynote speech, ASA hosted a series of focused preconference sessions on trends in anesthesia industry topics.  One of those sessions explored on ways to further develop your value proposition as you partner with facilities and health systems.  One main key of the session?  Collaboration.  Gone are the days where the best anesthesia practices were the ones that administrators didn’t hear from, instead they are now looking for a group to be an active partner in the system, who is ready and willing to collaborate in order to add value to all parties.  Because let’s face it, that’s what your competitors are calling and offering – added value through partnership.

Everyone has seen the below equation, but what can your practice do to really add value?

Quality / Cost = Value

Quality divided by cost equals value.  It’s a wonderful way to think about how your practice can add value, but let’s break it down to see what each of these elements really means:

  1. Quality: Start by measuring and improving quality of care and patient satisfaction.  Collaborate with facility IT and other stakeholders to obtain information that will help you track and minimize adverse outcomes. Things like reintubations, readmission, medication errors all greatly affect the quality of care and should be addressed and counted regardless of the severity.  Administrators love metrics and a partner who collects, improves, and is willing to share them.For instance, patient satisfaction is a metric anesthesia groups can no longer ignore if they want to collaborate to bring value to their partners.  Success in patient satisfaction requires the group to shift from being just expert clinicians to expert service providers. Patient satisfaction surveys should not be tools used to gauge the quality of care as much as the level of service provided. Patients expect to receive quality care from medical professionals, but how you deliver that care and its effects on their experience is powerful.  Never assume your administrators know how good you are, always expect to demonstrate your ability in the form of third party metrics.
  2. Cost: Now let’s focus on the bottom portion of the equation, cost.  It is simply a myth that anesthesia can’t help control OR costs.  Anesthesiologists take control of the OR but don’t expect to get paid for it.  Having a qualified individual in your group that can own this piece of the care model can help align yourself directly with the facility and put your group in a position with a strong impact on the total costs.  Theses cost savings won’t necessarily come from anesthesia, but certainly can be driven by anesthesia providers and leadership through partnership and collaboration towards the same cost-savings goal.Monitoring and managing OR efficiency and effective staffing can allow anesthesia to make big impacts to a facility’s bottom line.  Anesthesia groups often have access via billing data to what occurs daily in the ORs.  With the right tools and analysis, they can help drive a more stable OR.  Preventing costly delays and providing a more predictable schedule to facility partners can go a long way to help prevent healthcare burnout.  Hospitals spend millions on overtime and recruiting and anything you can do to help lower those costs will surely increase your value.

The industry is quickly undergoing a revolution in how it perceives excellent care and specialty care partners.  We are seeing more need than ever for partnership and collaboration as we all work towards common goals of a truly value-based care system.

If your value proposition has yet to be defined and your practice is looking for help to identify ways to demonstrate your value through collaborative partnership, contact abeo.

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