Features  |   January 2018
Developing Your Value Proposition: How Quality Creates Value
Author Affiliations
  • Edward (Ted) Yaghmour, M.D.
    Committee on Practice Management
  • Mark A. Deshur, M.D., M.B.A., FASA
    Committee on Practice Management
  • Mohammed M. Minhaj, M.D., M.B.A.
    Committee on Practice Management
Article Information
Education / CPD / Practice Management / Advocacy and Legislative Issues / Quality Improvement / Features
Features   |   January 2018
Developing Your Value Proposition: How Quality Creates Value
ASA Monitor 01 2018, Vol.82, 10-11.
ASA Monitor 01 2018, Vol.82, 10-11.
Health care costs in the U.S. represent approximately 17 percent of the GDP, or around $3 trillion annually.1  This far exceeds that of every other nation in the world both in sum and per capita.1  Despite this spending, life expectancy and other outcomes in the U.S. trail other developed countries.1  Coupling this discrepancy with the fact that the annual increases in U.S. health care spending continue to outpace inflation, it is not surprising that many are advocating increased emphasis on improving value in medicine. Michael Porter, from the Harvard Business School and keynote speaker at ANESTHESIOLOGY® 2016, has written that the overarching goal in medicine should be to achieve high value for patients.2  He defines value as being outcomes achieved per dollar spent.2  If we accept that, the formula for defining value is the following:
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