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Achieving Value for Money in the Procurement of Health Supplies: A Strategic Approach
Subject area: Science,Engineering and Technology · Area of research: Value for Money
Abstract
This paper explores strategic approaches to achieving value for money (VfM) in procuring health supplies, a critical aspect of healthcare management that directly impacts patient outcomes and organizational efficiency. The study highlights the importance of comprehensive procurement planning, effective supplier management, and robust contract oversight in ensuring the optimal use of resources. Key elements such as economy, efficiency, and effectiveness are examined in the context of VfM, emphasizing the need for holistic assessment frameworks. The paper also discusses best practices, including adherence to global standards, adopting innovative procurement methods like e-procurement, and integrating sustainability and ethical considerations. Practical recommendations for healthcare practitioners are provided, focusing on enhancing procurement processes and leveraging technology. The study also identifies future research directions to improve procurement practices and outcomes. By implementing these strategic approaches, healthcare organizations can improve health supplies' quality, availability, and cost-effectiveness, ultimately leading to better patient care and system performance.
Keywords
Value for Money (VfM), Health Supplies Procurement, Strategic Procurement, Supplier Management
How to cite this paper
@article{1705613,
author = {Ogechi Thelma Uzozie, Ekene Cynthia Onukwulu, Iyadunni Adewola Olaleye, Christian Onyinyechi Makata, Patience Okpeke Paul; Oluwafunmilayo Janet Esan},
title = {Achieving Value for Money in the Procurement of Health Supplies: A Strategic Approach},
journal = {Iconic Research And Engineering Journals},
year = {2024},
volume = {7},
number = {9},
pages = {514-521},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1705613.pdf},
abstract = {This paper explores strategic approaches to achieving value for money (VfM) in procuring health supplies, a critical aspect of healthcare management that directly impacts patient outcomes and organizational efficiency. The study highlights the importance of comprehensive procurement planning, effective supplier management, and robust contract oversight in ensuring the optimal use of resources. Key elements such as economy, efficiency, and effectiveness are examined in the context of VfM, emphasizing the need for holistic assessment frameworks. The paper also discusses best practices, including adherence to global standards, adopting innovative procurement methods like e-procurement, and integrating sustainability and ethical considerations. Practical recommendations for healthcare practitioners are provided, focusing on enhancing procurement processes and leveraging technology. The study also identifies future research directions to improve procurement practices and outcomes. By implementing these strategic approaches, healthcare organizations can improve health supplies' quality, availability, and cost-effectiveness, ultimately leading to better patient care and system performance.},
keywords = {Value for Money (VfM), Health Supplies Procurement, Strategic Procurement, Supplier Management},
month = {March},
}