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That Value Analysis Was Developed Back In the 1940's After World War II as a Way to Find Lower Cost but Higher Quality Alternative products and methods. This was Due to the Lack of Material Resources At The End of The War.

Savings Beyond Price -Weekly eNewsletter - April 12, 2011

Robert T. Yokl
President & Chief Value Strategist
 

Only Attack Your Actionable (Monetized) Dollar Savings

When I first started in the supply chain expense reduction business I used to attack high-value targets (i.e. products, services and technologies that had a high annual spend) to reduce a healthcare organizations non-salary expenses.  By this methodology I saved my clients, on average 26% on their supply spend.  Not bad for a pretty unscientific method!    

However, over the last 12 years we have only targeted actionable savings dollars for our clients – not random phantom savings.   By this I mean we have benchmarked our client’s SKUs to precisely identify where their real actionable monetized (converted to precise dollars) savings opportunities reside. This tactic has eliminated hundreds of “dry holes” that used to frustrate our clients value analysis teams and caused them to become complacent with their VA studies.  Our savings yield also jumped, on average, to 35%. 

Another reason for only targeting actionable dollars is that no one has the time in healthcare today to chase illusive and imaginary savings. We are all swamped with our own workload and can’t be chasing phantom savings opportunities.  Savings opportunities today must be quickly and predictably realizable or we shouldn’t be expending our time and energy to investigate them. No one has the time to do so!

Best of all, by showing only actionable dollar savings on your target list you can more effectively prioritize and strategize how to remove this waste and inefficiency for your supply streams. Just as important, you will gain support from your stakeholders to eliminate these wasted dollars by monetizing your savings opportunities.  When they see the actual monies that can be saved, most stakeholders will jump on the bandwagon to take advantage of them since it’s hard to ignore or deny ready cash that’s just lying around ready to be picked up or banked.

Warmest Regards,

Robert T. Yokl
Chief Value Strategist
Strategic Value Analysis® In Healthcare
Bobpres@strategicva.com
1-800-220-4274

Your Partner In Savings Beyond Price™,

P.S.  If you want to see how we monetize every savings opportunity for our clients, why not check out our Utilizer® Dashboard that keeps our client’s savings constantly flowing.

 

 

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