Cost efficiency is the act of saving money by changing a product or process to work in a better way. This is done to improve the organization's bottom line by decreasing procurement costs and improving efficiencies across the board.
Value-based health care and quality improvement are related concepts used to measure and improve clinical care. Value-based care represents the relationship between the incremental gain in outcome for patients and cost efficiency. It is achieved by identifying outcomes that are important to patients, codesigning solutions using multidisciplinary teams, and measuring both outcomes and costs to drive further improvements, and developing partnerships across the health system.