New Hanover Regional Medical Center Named One of the 100 Strongest Hospitals, Top 2.5% in the Nation
- Published on Wednesday, 20 November 2013 19:59
- Written by Super User
Study was based on data comparing quality, costs and efficiency - WILMINGTON, NC - New Hanover Regional Medical Center has been named one of the Top 100 HealthStrong™ Hospitals in the country and in the top 2.5% of hospitals for overall quality by iVantage® Health Analytics. The rating agency reports that communities served by Top 100 Hospitals benefit from better care, higher quality and lower costs than other communities. So, patients in Southeastern North Carolina can expect not only better care, but a better value for their healthcare dollars at NHRMC. The ranking is based on the iVantage Hospital Strength Index™, which evaluates and ranks hospitals based on quality, outcomes, patient perspective, affordability and efficiency. More than 4,400 U.S. general acute care hospitals are ranked each year. The 2013 Hospital Strength Index study reports that:
• Medicare saves nearly $1 billion annually in Top 100 HealthStrong hospital markets for inpatient and outpatient utilization
• Medicare would save an additional $15 billion per year if all U.S. markets performed similar to the Top 100 Hospital market populations
• Populations are healthier in Top 100 HealthStrong primary markets when measured by State
• Costs per Medicare beneficiary are lower for hospital inpatient and outpatient services in markets served by Top 100 HealthStrong hospitals
• Patient safety and clinical outcomes are better in Top 100 HealthStrong hospitals
• Financial performance is stronger and related to better patient outcomes and lower consumer costs
“This award shows that data from leading agencies puts us among the very best in the nation. We believe this is something our patients and our community can be proud of,” said Jack Barto, president and chief executive officer at New Hanover Regional Medical Center. “The physicians and staff at NHRMC are continuously looking for new ways to provide better care for a lower cost, and that effort is reflected in this recognition.”
The recognition is based on the findings from eight performance pillars comprised of 56 different performance metrics. Each pillar was equally weighted and the ratings were based on publicly available data from Medicare Cost Reports, Medicare claims data, Hospital Compare reporting and related sources. The eight performance pillars measured were:
• Quality Index - A rating of how well the hospital provides care to its patients based on data from Hospital Compare Process of Care measures, which converts medical information from patient records into a rate or percentage that allows facilities to assess their performance.
• Outcomes Index - A rating of hospital performance based on 30-day readmission and mortality rates for three of the most common conditions with substantial mortality and morbidity: Acute Myocardial Infarction, Heart Failure and Pneumonia.
• Patient Perspective Index - A rating of hospital performance based on how many patients responded that they would “Definitely Recommend” the hospital and gave it an overall score of 9-10 on Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) surveys.
• Costs and Charges Index- A rating of hospital performance based on average inpatient and outpatient overall costs and charges as reported by Medicare.
• Financial Stability Index - A rating of hospital performance based a select set of balance sheet and income statement financial ratios.
• Market Size and Growth Index - A rating of market potential based on the five-year projected growth in demand and the five-year projected total inpatient volume.
• Competitive Strength Index - A rating of market share based on the hospital’s Herfindahl-Hirschman Index (HHI) score, a commonly accepted measure of market concentration.
• Competitive Intensity Index – A rating of the concentration of market power based on the HHI score for all competing hospitals in the target facility’s market.
NHRMC Scores in the 99th Percentile
When the scores for each of these categories are taken into account, New Hanover Regional Medical Center’s overall rank was in the 99th percentile. This means that NHRMC offers better care, higher quality and lower costs than 99 percent of hospitals in the country.
iVantage reports that high-performing hospitals share a commitment to accelerating performance and using analytical data to track results. Additionally, iVantage reports that when interviewing executives from high-performing hospitals, 10 priorities surfaced:
1. They have a strategy and their intentions are known throughout the organization
2. They focus on accelerating performance
3. They create high reliability by hardwiring performance in their employees
4. They compete using analytics
5. Everyone knows the organization’s financial performance
6. Everyone knows the problems and priorities
7. Everyone is responsible for strategy
8. They use outside references for benchmarks
9. They make physician collaboration a high priority
10. Employees consistently talk about the high standards in the organization, the importance of listening to patients and families and their ability to work autonomously to get the job done.
“In the nation’s changing healthcare landscape, it is more important than ever for hospitals to show our patients and our communities that we are providing high quality, efficient care at an affordable cost,” said Jack Fuller, Chairman of New Hanover Regional Medical Center Board of Trustees. “This achievement is the result of years of focused attention to meet and exceed these high standards.”
“iVantage seeks to help hospitals achieve their mission by conducting this type of research,” said John Morrow, Executive Vice President of iVantage Health Analytics, Inc. “The Index and analyses reveal that geographic variation, population health and superior performance are interrelated, and that they can result in lower cost, better outcomes and healthier communities nationwide.”
For more information on this study visit: http://ivantagehealth.com/hospital-strength-index
About New Hanover Regional Medical Center:
With a dedicated team of more than 6,000 employees, 575 physicians and 800 volunteers, New Hanover Regional Medical Center is one of the largest public, not-for-profit healthcare organizations in the Carolinas. A multi-campus healthcare system, NHRMC includes the main 17th Street campus, NHRMC Orthopedic Hospital on Wrightsville Avenue and the management of Pender Memorial Hospital in Burgaw. With a team-based approach to healthcare, NHRMC offers a variety of healthcare services, technologies and treatments for patients of all ages. NHRMC provides more than $140 million in charity care each year.
About iVantage Health Analytics:
iVantage Health Analytics® is a privately held healthcare business intelligence and technology company serving more than 500 hospitals across the United States. iVantage Health Analytics provides comparative healthcare analytics by integrating disparate market, clinical, operational, and financial data into a single platform for executive level business intelligence. For more information, visit www.iVantageHealth.com.