Value is a term that comes up frequently in discussions regarding healthcare, although nailing down a practical definition can be tricky. After all, value is in the eye of the beholder and has different meanings for different stakeholders in the healthcare arena. Furthermore, one party’s ability to realize value along the healthcare chain can be interdependent on another party.

For this reason physician practices might be tempted to regard value creation as an overly complicated and burdensome goal. In considering new strategies, it might seem easiest to simply base decisions on financial parameters. Certainly these factors are relevant. Financial-based value creation can: contribute to a practice’s stability and growth, enable the practice to invest in improvements and training, give employees a greater sense of job stability and provide a competitive advantage.

Non-monetary aspects of value can prove to be great motivators as well. For example, even qualitative upgrades in efficiency, productivity or patient satisfaction constitute added value. And, it is likely that employees, who may sometimes feel they are fighting a losing battle in the healthcare delivery front, will derive a sense of satisfaction from these types of improvements. Higher job satisfaction on the part of employees can in turn contribute to employee retention and productivity. Patients are also likely to notice when employees are happier on the job.

Of course, when it comes to creating value, it is not only the considerations of the practice that matter. In his article on value in healthcare, Michael Porter, Ph.D., defines patient value as “healthcare outcomes achieved per dollar spent,” and proposes that value should “be defined around the customer.”¹ Consequently, attention to patient value should be among your priorities. Patient value, after all, can translate into patient retention and practice growth.

A previous article discussed Point of Care Testing (POCT) as a means of creating value for both the practice and the patient. Studies have shown that POCT can improve primary care practice efficiency. An observational study measuring the impact of POCT for HbA1c reported economic benefits including testing costs, revenues and efficiency gains to the practice and demonstrated a net financial benefit of $11.90–$14.74 per patient visit.² But, how can you begin to determine whether POCT makes sense for your practice?

To evaluate the implementation of a new POCT, it makes sense to assess the “hard” factors. This can reveal opportunities for economies of scale, cost efficiencies and other financial incentives. In doing so, it may be useful to examine the following criteria: ^{2, 3}

•   Is there an opportunity to generate a revenue stream for this type of testing that would otherwise be outsourced?
•   How many of the practice’s patients have chronic ailments that are applicable to the test?
•   How frequently are they tested?
•   How many tests previously ordered for these patients were actually performed? (This type of reconciliation can help you spot adherence issues.)
•   What costs (hard and soft) are incurred in sending out this type of test?
•   Is there an opportunity to reduce procedural steps associated with outsourced testing?
•   Would fewer follow-up visits allow the practice to add more new patient visits in a given month?

The information gathered from this process can inform your decision by illuminating current costs and helping you determine a break-even point.

It is also essential to evaluate how a POCT would alter the way in which care is delivered in your practice, bearing in mind that patients increasingly place a premium on communication, autonomy and results.^{2, 3, 4}

•   What conveniences does in-office testing provide for patients? Is it easy to reach patients by phone or email? How long do patients typically have to wait for follow-up appointments?
•   Will immediate diagnosis improve time-to-treatment or the prevention of disease?
•   Will the immediacy of results provide physicians with clinical advantages or better enable them to control the flow of information to their patients?
•   Will staff have adequate support to ensure the quality of testing is maintained?

Competitive positioning for your practice is another key consideration. For instance, technological and cultural factors are driving the desire for more immediacy in medicine. Among the emerging players in primary care are retail outlets that are installing clinics in their storefronts. These offer a variety of services and prominently display menus of screening and monitoring tests with “instant results” promised. While most established practices will not want to view these providers as equivalent competitors, in the eyes of some patients they may represent value in terms of convenience and perceived expediency.

This type of assessment can serve as a launch pad for evaluating whether a POCT or other new strategy will enhance the value created and the value delivered through your practice. While every practice will need to tailor its analysis to its own particular situation, this type of thought process can draw your attention to key data and decisions that will be useful in making decisions.

HemoCue offers a variety of POCT aimed at chronic conditions that benefit from rapid diagnosis and monitoring. The cost-effective tests help physician practices make the most of every patient visit. In seconds, physicians can obtain reliable results useful in assessing a patient’s health. The availability of immediate results can potentially contribute to more timely care, leading to better outcomes.

HemoCue offers point-of-care testing for hemoglobin and diabetes. These provide the lab-quality results clinics need without the costs and time required for lab send-outs.

HemoCue supports its portfolio of tests with workflow-enhancing data management systems that ensure quick transmission of test results and reduce the risk of transcription errors. HemoCue’s internal OnCue support department ensures that highly trained support staff is available when a customer needs assistance.

For more information on HemoCue OnCue Support, visit https://www.hemocue.us/oncue-support/