Savings Beyond Price™
Innovative Supply Savings and Quality Solutions That Work
by Strategic Value Analysis® in Healthcare
Did You Know...?
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 - February 23, 2010
Robert T. Yokl
President & Chief Value Strategist
Harnessing the Power of Statistics for Your Supply Chain Success
Greetings,
If you are looking to cut your cost, increase your hospital’s profit margin, make better decisions and have better control over your supply chain operations, I have found this can best be achieved with statistics.
What is statistics? Leonard A. Bernstein (not the composer and conductor, but a noted economist and mathematician) tells us that “It is the science of assembling, analyzing, characterizing, and interpreting collections of data for the solution of management problems.” Its goal is to make the numbers you deal with daily more intelligible, action-oriented and decipherable to aid you in decision-making. Otherwise, you will be flying blind!
For example, by employing the LAW of NORMAL DISTRIBUTION you can determine if your surgeons are implanting the exact medically indicated type of pacemakers in their patients. This is possible when you measure a frequency distribution (number of times a specific pacemaker is implanted by a surgeon) in any given period. If your results are reasonably “bell-shaped” it is said to be normally distributed which is a good thing!
However, if you are finding that the distribution of your pacemaker implants are skewing to the left or the right (it’s best to use a Histogram to display and analyze this information) of the mean, then your surgeons aren’t value justifying the pacemakers they are implanting. They are just “Winging it” and in doing so costing your healthcare organization hundreds of thousands (maybe even millions) of dollars a year in unnecessary and unwanted expenses.
You might be saying to yourself at this point in this article that this seems like a lot of work Bob! Trust me when I tell you that it isn’t, since there are literally hundreds of inexpensive software programs on the market that can quickly do the math for you once you input your data.
My goal with this article wasn’t to give you a course in statistics, but to wet your appetite to the possibilities of harnessing the power of statistics to make your job easier, more productive and decision-driven.
I see this “doing it with data” as an evolution in supply chain management maturity that is a requirement, as I see it, for all supply chain professionals if they want to stay relevant in the supply chain of the future.
Your Partner In Savings Beyond Price™,
Robert T Yokl
Chief Value Strategist
Strategic Value Analysis® In Healthcare
1-800-220-4274
P.S. If you want to read more about doing it with data, I would suggest that you download our new -- NO COST TO YOU book -- “Healthcare Supply Utilization Revolutions” to give you even more insights into the supply chain of the future.
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Read this book and in a few weeks save more money than you have in years. Sounds unbelievable? Robert T. Yokl and Robert W. Yokl, healthcare’s leading authorities in Supply Utilization Management, have helped hundreds of hospitals, healthcare systems and integrated delivery networks to saved close to a half billion dollars by employing the same utilization management strategies, tactics and techniques that they will teach you in this book.
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