So how exactly do you define value in healthcare? Is your definition focused on clinical benefit? Equity for patients? Patient safety? There is no simple, or consensus, definition for what is a very important term, especially as we go from Volume To Value. Click beneath for some important sample definitions from the Institute of Medicine, American Heart Association, and National Comprehensive Care Network. Whichever definition you adopt, do it soon! As I describe in an upcoming book (Volume to Value: Proven Methods For Achieving High Quality In Healthcare) the move to value instead of service line volume is already on!
But like “quality,” “outcomes,” “costs,” “population health” and “disruptive innovation,” “value” is not understood nor is a common definition widely accepted across the industry, and more important, outside. A classic definition for healthcare (a la Michael Porter) would be the outcomes received per dollar spent (1). But the healthcare industry has struggled to address value beyond broad conceptual frameworks and theoretic models. Reputable organizations and associations like those sampled below offer their unique approaches: most of these are based on expert judgment; a few are associated with empirical studies that correlate attributes with a measurable outcome.