Keys to Delivering Value Innovation in your Practice

In a previous post, we emphasized the importance of value innovation and how it is related to the value curve. By changing different factors and features of the products and services the practice delivers, and by assessing the negative and positive tradeoffs and effects of every arrangement, we can know what new features to create, and we can change the value proposition. In considering so, the keys to delivering value innovation according to Professor Green would need the practice manager to focus on answering four questions that align with what factors to eliminate, reduce, raise, and create within the venture.

Are there specific factors to eliminate and are of no real value to the patient?

The idea is to be able to identify the factors that are common with other competitors’ products and services, deliver the least value, and that by eliminating them the practice can provide faster and more efficient services by investing in factors that add value.

Are there any products and services factors on the value curve that can be reduced without reducing the value delivered to the patient?

Reducing the focus on certain factors will provide the opportunity to focus on more essential factors that deliver high value.

What products and services factors can be raised with minimum to no cost and that will raise the value delivered to the patient?

The idea is to be able to identify the factors that really matter to provide exceptional service, exceed the patient’s needs, and lead to more differentiation from competitors increasing the practice’s competitive advantage while minimizing costs and increasing revenues to the practice.

What factors can be created with minimum to no cost that can create and increase value to the patient?

Even if you have to create and introduce entire new factors of products and services, you should not hesitate as long as those new factors and features make you unique in this way and provide your patients with added value.