- Published on Wednesday, 14 May 2014 19:04
- Written by Super User
Study was based on data comparing quality, costs and efficiency
WILMINGTON, NC - New Hanover Regional Medical Center has been named a HealthStrong Hospital for the second year in a row by iVantage® Health Analytics. The study looks at indicators such as performance, value and risk to determine the overall strength and quality of more than 4,000 general acute care hospitals ranked each year in the United States.
The ranking is based on the iVantage Hospital Strength Index™. The national business intelligence and technology company created this index which uses publicly available data from sources such as Medicare Cost Reports, Medicare claims data and Hospital Compare. The recognition is based on findings from more than 60 individual metrics, organized into three major categories and 10 pillars to derive a single strength overall rating for each facility.
The Hospital Strength Index is a unique rating system because it is based on the idea that a strong hospital has these characteristics:
• Loyal, satisfied patients,
• Outstanding quality and safety programs,
• Cost efficient and appropriately priced services,
• Strong balance sheet with surplus capital,
• Population cost measures that are controlled,
• Population risk measures that are controlled,
• Dominant market share with growing demand,
• Less direct (more diffuse) competition.
“Changes in the healthcare industry are happening at a staggering rate, making it more important than ever for our community to have a strong hospital to turn to,” said Jack Barto, president and chief executive officer at New Hanover Regional Medical Center. “We are very proud that our efforts to maintain high quality care for our patients while finding ways to improve efficiency are being recognized.”
According to this study, if all U.S. hospital markets perform at the median of the HealthStrong Hospitals, then:
• $14 Billion of savings could be realized from the Medicare program,
• $52 Billion of savings could be realized from all healthcare payers,
• A 4.4% improvement in patient safety indicators and events could be realized,
• Nearly 4 million years of potential life lost would be saved, and
• More than a half trillion dollars could be added to national Gross Domestic Product.
“iVantage seeks to help hospitals meet the demands of the new health care by providing a new level of transparency into the internal and external metrics which drive more informed decision making,” said John R. Morrow, executive vice president of iVantage Health Analytics. “The Hospital Strength INDEX analysis 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 the iVantage website.
About New Hanover Regional Medical Center:
With a dedicated team of more than 6,000 employees, 550 physicians and 800 volunteers, New Hanover Regional Medical Center is one of the largest county-owned public hospitals in the United States. A multi-campus healthcare system, NHRMC includes the main 17th Street campus where the NHRMC Betty H. Cameron Women’s & Children’s Hospital, NHRMC Zimmer Cancer Center, NHRMC Behavioral Health Hospital and NHRMC Rehabilitation Hospital are located. New Hanover Regional Medical Center also includes the NHRMC Orthopedic Hospital on Wrightsville Avenue and the management of Pender Memorial Hospital in Burgaw. With a team-based approach to health care, 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.