FRISCO, TX, April 2, 2019 (BUSINESS WIRE) —
Today Valify, the leading healthcare cost management company, announces the launch of the new Valify Marketplace, a comprehensive vendor catalog of products and services that allows healthcare organizations to search, compare, and select the best vendors for their needs. Today’s launch comes as a result of Valify’s September 2018 acquisition of Lucro, a Nashville-based digitalplatform for health systems to evaluate vendors. The Valify Marketplace has already been named to CIO Review’s list of the “50 most promising healthcare solutions of 2019.” Continue reading
Finding Digital Solutions for Mental Health
We work with some pretty incredible innovation teams, and Providence St. Joseph Health (PSJH) is high on our list of favorite partners. Recently, they published an article in Forbes highlighting the impact of digital health initiatives for mental health, and (fun fact!) they used Valify Marketplace (formerly Lucro) for their vendor evaluation.
I heard a story last week that instantly took me back to my consulting days. Picture this: a fully staffed Command Center. Upwards of 2,000 support tickets logged; over 1,200 closed. Training support onsite for 300 ambulatory locations. A big bang Go Live that was meticulously built and planned for over a year. All 8,000 providers launched into the black hole of a new electronic medical record system.
It’s a big deal and comes with a big price tag. And it should, right? Digitizing the entire medical record for all of an organization’s patients is a necessary evil in today’s world that has far reaching tendrils that impact all integrations, medical devices, third party vendors, providers (internally and externally), and most importantly – patients. You need to be confident you partnered with the right vendor long before Go Live.
I recently read the book Crucial Conversations, when I came across a section that hit me as being very applicable to the purchased services sourcing process. It offered a new way of looking at how decisions are made and what factors are important in determining the best method.
Let’s review the methods for decision making, their strengths, and how to apply each to make the best decisions for you.
Methods of Decision Making
The Command method is when decisions are made without involving others. This can also be called authoritative and is, of course, the fastest option because you aren’t delayed by other people offering their opinions or discussing other solutions.
The pressure is on. You better make sure your selected vendor is top-notch, has incredible onboarding, works with you to ensure a timely implementation, and is priced competitively. In this post, we share the biggest pitfalls of the vendor selection process and how to avoid them.
1. Assuming you know all the players
Of course you know most of the big players in the market for your project or initiative – but what about those smaller, regional companies with products and services better suited for the future, or those partners you already work with who have another product line or service (that you don’t already know about)?
Finding a Partner, Not Just a Vendor
Aligning a vendor with your organization is critical for forming a successful partnership that will ensure your business objectives are met. Depending on your organizational needs, qualifying questions can help you get your list down to better vendor partners earlier, before heading into the full “requirements gathering” phase of your project. This will dramatically reduce the amount of time communicating, evaluating, and showcasing vendors – making your whole process more efficient.
Last week we wrote about accelerating decision making by improving consensus, knowing your exit criteria, and avoiding analysis paralysis. This week, we’re getting down to the nitty-gritty on how simplicity can drive decision making everywhere.
(About the Hick-Hyman Law, 1952)
A scientific concept exists that will make complete sense to you: response time goes up with the number of options. In other words: more options = more time it takes to make a decision. No brainer, right?
Wrong! In our collective effort to give users the best web experience, highlight our cooking talent, or a sales guy that ‘has everything for everyone,’ this concept of minimizing options is often completely neglected.
Decision making is a task that some enjoy, but most find arduous. Maybe your the type of personality that constantly revisits decisions even after you’ve made them or maybe you pride yourself on making efficient, definitive decisions. With either method, it’s fair to say that speed and quality are always desired. Since the Valify Marketplace is a platform that helps healthcare organizations make better decisions, faster, this blog post explores the psychology of infusing decisions with quality and speed.
Step 1: Include the right [number of] people at the table
The Harvard Business Review did a study that found that, on average, 5.4 individuals were needed to sign off on major purchasing decisions. In the complexity of healthcare, the wisdom and subject areas of stakeholders go far beyond the c-suite.
Here are some things you can do today to increase the effectiveness of gathering consensus: