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Related Experiment Videos

Value management: decision making using the value paradigm.

J S Hagen1

  • 1Rutland Region Physician Group, VA 05701, USA.

Medical Group Management Journal
|October 4, 1996
PubMed
Summary
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Healthcare systems face challenges balancing patient quality expectations with payer cost demands. Managing total value, considering cost, effectiveness, efficiency, and access, is crucial for stakeholder satisfaction.

Area of Science:

  • Health Services Research
  • Healthcare Management
  • Health Economics

Background:

  • Healthcare delivery systems involve diverse stakeholders with potentially conflicting expectations.
  • Patients prioritize high-quality care, while employers and insurers focus on cost containment.

Purpose of the Study:

  • To explore the concept of managing total value in healthcare delivery.
  • To define stakeholder satisfaction and its relation to resource commitment.

Main Methods:

  • Operationalizing value by focusing on key management variables: cost, effectiveness, efficiency, and access.
  • Developing decision models to quantify value from each stakeholder's perspective.

Main Results:

  • Healthcare management must evolve beyond quality to encompass total value.

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  • Stakeholder satisfaction is achieved by meeting or exceeding expectations within resource constraints.

    • Conclusions:

    • A value-focused approach is essential for balancing competing stakeholder demands in healthcare.
    • Decision models integrating cost, effectiveness, efficiency, and access can guide strategic choices.