Posted by: astanowski | September 20, 2011

What Makes Value?

This past summer we replaced and expanded our cedar deck with Trex.  Over the 12 years of the life of the deck, carpenter bees have done their damage, and some boards just rotted through.  My wife and I talked about replacing it with another wooden deck, which would have cost less and would have allowed for the enjoyment of the beauty of natural wood.  However, we looked at the total cost of ownership – the yearly cleaning of the wood, labor and cost of sealing, repairing insect damage, and my labor hours – and opted to pay more now, but save more along the way.  Frankly, we’ll have more time enjoying the deck; less time working on it!

The need to evaluate expenditures in terms of value – and how to define that value – is more important in the business of healthcare.  I’m very proud of ARAMARK Healthcare’s sponsorship of the HFMA Value Project which found that hospitals and health systems are recognizing the shift to a value-based healthcare system and are preparing for changes in the payment system.

A webinar that features Valley Baptist Health System’s Stephen W. Hill, Administrative Director of Nursing and Cynthia Gray, VP of Finance, along with Michael Morgioni the CFO of ARAMARK Healthcare, will focus on how Valley defines value.  This HFMA Value Project webinar will share strategies providers can implement to build a culture of performance and efficiency to prepare for healthcare reform. It will specifically discuss collaboration efforts among support services and nursing so that nursing has more time for patient care. Outcomes will be highlighted from activities instituted by ARAMARK Healthcare  known as I Impact. Those outcomes include higher patient satisfaction, better employee retention, and safety outcomes that drove profitability and productivity. The application of operational benchmarks and standards to reduce variability while improving quality outcomes will also be discussed.

If you want to learn how you can accelerate organizational change using collaboration tools, leverage employee engagement, and engage operations in value creation, this webinar may help provide you with some good approaches.  In addition, the webinar qualifies for 1.5 CPEs.

I’ll be tuning in – on October 4, 2011 at 3:00 to 4:30 Eastern;  2:00 to 3:30 pm Central.

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