Using a value chain approach for effective decision making.
Effectively managing costs in a healthcare environment may require taking a new look at how those costs are evaluated. The price of a product is not necessarily the most effective or efficient way of determining the actual cost. Using a value chain approach takes into consideration the functional costs of using a product as well, including both the "process" and "downstream" costs to an organization. In this article, Associate Professor Neil A. Wilner examines the differences between price and cost using a typical purchase in a healthcare environment.
Wilner
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University of North Texas, USA.
D003363:Cost Control; D003362:Cost-Benefit Analysis; D003659:Decision Making, Organizational; D004867:Equipment Design; D005377:Financial Management, Hospital / Q000379:methods*; D006801:Humans; D007449:Investments; D008421:Materials Management, Hospital / Q000191:economics* / Q000379:methods; D013594:Syringes / Q000592:standards; D014481:United States