While writing Volume to Value, I kept coming back to the same issue that many of us have in healthcare:  there's no easy way to measure value. 

I mean, there are lots of "potential" indicators of value, like graphs that demonstrate decreasing costs of care and others indicating improved quality of care, but nothing that easily gives me a good sense, in a number, of level of value in a healthcare service line. 

There are some big data solutions that give an idea of value--but not really anything straightforward or direct as a measure.

And, yes, it's true that there are many reasons about exactly why that's the case.

Recently, after all that time thinking about the issue, a colleague asked me:  "Could you measure the value in [insert service here] for me?"

The problem of how to measure value is one that we are all plagued by, now, in healthcare.  Because of my statistical process control background, I know we already have capability indices and other indicators for how well a service is performing in terms of quality and how those are calculated based on what the patient (or customer where appropriate) considers acceptable.  Now all we needed was a metric that included cost and a way to tie it all together.

Beneath, see my proposed index for how to measure value provided via a healthcare service:  The Healthcare Value Process Index.  It incorporates the requirements for measuring healthcare value that Michael Porter lays out hereincluding a focus on the voice of the patient in the process.

Just as importantly, it's based on well known capability indices and incorporates the costs incurred by poor quality performance.  Take a look at the index by clicking the link beneath while I prep the academic paper for release.