Value-based procurement (VBP) is a focus on how a product or solution can best deliver desired outcomes, reduce the total cost of care and provide long-term benefits to all the stakeholders in the healthcare ecosystem, rather than focusing exclusively on initial cost of a medical technology device, which is usually equated to price.1
In simple terms for a hospital this is a purchasing process that has tangible and measurable benefits that make a positive impact on patient care and increase efficiency.