Advanced Skills for Value Analysis and determining Total Cost of Ownership
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CQO in Healthcare
The continuing trend in healthcare is to lower costs and improve overall patient care without sacrificing quality. Multi-departmental Value Analysis teams meet regularly to discuss and evaluate products and services and make decisions for their organizations based on hard data. Increasingly, leaders of all aspects of healthcare are being called upon to become more strategic in their approach to product evaluation/implementation and operational management. Enter CQO.
CQO refers to the *intersection of cost, quality, and outcomes, and a more holistic view of the correlation between cost (all costs associated with delivering patient care and supporting the care environment), quality (patient-centered care aimed at achieving the best possible clinical outcomes), and outcomes (financial reimbursement driven by outstanding clinical care at the appropriate costs) as opposed to viewing each independently.
*Definition provided by the Association for Healthcare Resource & Materials Management of the American Hospital Association.