Patient value analysis by considering the patient satisfaction

Patient Value Analysis is a discipline that can allow hospitals to identify where they need to strengthen their “value propositions”. Patient Value Analysis emerged from work in the areas of economics, business strategy, patient satisfaction, and quality toward the end of the 1980s. Long-term profitability is dependent on market share, further it suggests that market share is itself dependent on patient satisfaction. Informally, we can define value as “what the patient gets for what the patient pays.” The elasticity's associated with the various quality attributes can help them to identify those potential improvements that have the greatest impact on patients’ future revisit behavior. While it can be viewed as an extension of what Dr. Gale calls “the strategic navigation system” of a hospital, Patient Value Analysis can also be viewed as a technical discipline that supports and is practiced within the larger notion of Management for Quality.