Why and How You Need to Monitor Multiple Value Analysis Metrics in a Single Dashboard to Ensure VA Success

I would think most value analysis coordinators, managers, or directors are tracking some metrics (e.g., savings, VA meeting attendance, and projects completed) on a spreadsheet, but there comes a time when this vital information turns out to be too cumbersome, unwieldly, and non-user friendly to be helpful.

That’s when a single dashboard that can hold, accumulate, and then display all of this vital information for all to see can save the day. However, this will require a database that you rent, buy, or develop to do so! Yet, it is mission critical to have these VA metrics displayed in an easy-to-read format at your healthcare organization.

What Metrics Should You be Tracking with Your VA Dashboard?

The following is a short list of the metrics that we either recommend to our clients or our clients are already employing to measure, manage, and control their value analysis program:

VA Program Savings Goal for FY Status of all Projects by Team
Percentage Goal Saved to Date Total Implemented Savings to Date
Average Savings per Project Projected Remaining Savings for FY
Last Year’s Avg. Savings per Project Projected & Implemented Savings
VAT Category Savings to Date Project’s Shortfall this FY (if any)
Active vs. Completed Projects Project’s Shortfall Percentage
Attendance (%) at VA Meetings Attendance (%) for Team Leaders

Imagine these metrics being automated in real time on your systems and you not having to crunch a dozen or more spreadsheets together to keep this going. The time has come for your hospital to up its value analysis key performance game!