Value Rx: How to Make the Most of Your Organization's Assets and Relationships

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9780066620954: Value Rx: How to Make the Most of Your Organization's Assets and Relationships
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The human genome has a counterpart in the business world, as this timely book explains, in plain English and as no book has done before. The authors show how organizations in the healthcare industry can use this business genome to identify, for the first time, all of the sources of value at their disposal. Beyond that, the book presents a detailed plan for using this new understanding to revolutionize a company's value-creating potential.

Thus, the title, Value Rx, is to be understood literally. In the original Latin, the "R" in Rx stands for the word "recipe," meaning "to take," and the book is, literally, a prescription for increasing the value of healthcare companies. In it you will find a new view of today's volatile economic realities -- and a new perspective on how to reinvent your company to meet those realities. Healthcare is everyone's business -- from consumers to policy makers to healthcare providers, suppliers, investors, and bondholders -- and these insights are important to us all.

Drawing on the results of a three-year, 10,000-company study, Value Rx reveals how value can be created in the healthcare industry. The authors detail four rules that enable managers in healthcare (indeed, in every industry) to create value by assembling and re-assembling all their assets and relationships in an infinite variety of combinations, much as human genes combine and recombine to create a healthy person. Further, they show how today's technology enables ever more valuable connections.

This book resounds with a call to action for regulators, business leaders and managers, caregivers and other providers, and consumers to manage and measure the assets and relationships that matter.

Value Rx offers a complete guide to value creation in America's largest industry.

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Review:

In Value Rx, the consulting duo behind the successful Cracking the Value Code delivers strong, smart medicine for health care organizations. Libert and Giniat (the head of the Pharmaceutical, Biomedical, and Health Services practice of Andersen) open with much the same argument presented in Value Code: To compete and thrive in a field marked by rising costs and declining services, everyone from hospitals and HMOs to pharmaceuticals, suppliers, and drugstore chains must not only nurture but rigorously measure every component of their "organisms". That includes finding the optimal balance between tangibles like physical assets and income statements and such vexing intangibles as human assets, customer satisfaction, and the constant generation and free flow of knowledge. To both bean counters and care providers who say such intangibles can't be reconciled with the bottom line or usefully measured, they provide a diverse array of vivid real-life profiles to the contrary. These run the gamut from the medical-device manufacturer that poured its victories from patent-infringement suits into aggressive R&D, to the order of nuns who shrewdly redesigned their sizable network of health care facilities to maximize both services and margins, to the first HMO to let its doctors make referrals without its authorization--and profit from its newfound popularity among doctors.

Other pointed, instructive cases come from huge names like Pfizer, Merck, the Mayo Clinic, and Walgreen's as well as businesses such as the biotech giant Amgen, the Internet medical info leader WebMD, and the large nonprofit HMO Kaiser. Giniat and Libert also provide a four-quadrant asset model that organizations can use to assess their own strengths and weaknesses. And, most astutely, they demonstrate that in this new era, the bottom line and the delivery of quality care are utterly dependent on each other... and that succeeding at both means acknowledging that the business of first-rate health care in the 21st century is, in large part, business. Value Rx is smart, tough, substantial, and progressive--just what the doctor ordered for everyone with a stake in keeping America well. --Timothy Murphy

About the Author:

Edward J. Giniat is a partner in Andersen's Chicago office, where he advises a number of pharmaceutical and healthcare-delivery organizations. Giniat is also worldwide director of Andersen's Pharmaceutical, Biomedical, and Health Services Industry Practice. He is a member of the board of directors of the National Committee for Quality Healthcare and the National Children's Eye Care Foundation and writes and lectures extensively on healthcare topics.

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Edward J. Giniat, Barry D. Libert
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