+What is the Hospital Strength Index™?
The Hospital Strength Index™ provides a comprehensive rating system which compares U.S. general acute-care hospitals across a continuum of financial, value-based and market-driven performance indicators. Ratings are based on publicly available data sources, including Medicare Cost Reports, Medicare claims data, and Hospital Compare quality reporting.
Hospital executives can request a complimentary Hospital Strength Index™ summary report or learn how to access more detailed analytics by calling 615.932.8400 or emailing us at inquiry@iVantageHealth.com.
+What is a “Strong Hospital”?
A “Strong Hospital” has:
+ Dominant market share with growing demand
+ Less direct competition in the local market
+ Outstanding quality and safety programs
+ Loyal, satisfied patients
+ Efficient and appropriately priced services
+ Strong balance sheet with surplus capital
+What makes this new index different?
The Hospital Strength Index™ is:
+ The first rating system to incorporate market position, competitive intensity, and growing healthcare
+ The first rating system modeled on research-based financial ratios that are the most determinant of
long-term financial sustainability;
+ And, the first national rating system to include all rural facilities, plus the more than 1,300 Critical Access Hospitals.
+Why was the Hospital Strength Index™ created?
The Index is a scorecard specifically designed to reflect the complexity of the new healthcare industry and then, simplify the data into an intuitive, easy-to-use scoring system. It provides a comprehensive evaluation of hospital performance in the ever-evolving landscape of healthcare reform, value-based purchasing, transparency and sustainability. It gives hospitals a comprehensive, macro-level assessment of their performance and a way to uniformly rate and discuss quality and other complex topics.
+How does the Index rate hospitals?
The Hospital Strength Index™ model:
+ Aggregates data from over 50 indicators, organized into eight performance categories;
+ Focuses on a set of CMS value-based indicators, augmented by market-based, competitive, and financial indicators;
+ Rates hospitals against national peer groups using a 0-100 point scale for each performance area;
+ And, calculates a single Strength Index score based on combined scores for the eight performance categories.
+How does the Index support hospitals?
Hospital executives can use the Hospital Strength Index™ to:
+ Support your pay-for-performance efforts to ensure future funding;
+ Access new benchmarking and peer-to-peer comparative analytics;
+ Acquire the in-depth information essential for the successful expansion of services and facilities;
+ Visualize markets with new interactive GIS mapping platforms;
+ Formulate new marketing/branding solutions;
+ And, communicate the strengths of your hospital and solidify its reputation in the community.