Needing to find $2.5 million in savings over the course of two years, St. Joseph Hospital in Nashua, NH looked to their Operational Efficiency Committee for answers.
To improve healthcare value – that is, provide the very best possible care for the dollar spent – hospitals and healthcare systems must have baseline measures of cost, quality and value.
Hospitals can improve their cost position in three ways: lower expenses, increase volume, or both. However, there are countless ways within this conceptual model to accomplish these goals. Key questions include what, where, how much, and why.
Floyd Medical Center was able to cut costs, improve quality, enhance operational excellence, and align and focus its goals using the iVantage (formerly HMC) Clinical iBenchmark.