iBenchmarks – Cost/Quality Integration
iVantage Health’s iBenchmarks provide actionable information that helps hospitals pinpoint key opportunities in operational costs, clinical effectiveness, the cost of off-quality, and value-based purchasing. Clients access their organization’s data through intuitive, integrated dashboards and physician scorecards, allowing them to measure their internal performance against peers and then monitor performance to ensure long-term viability.
Functional Cost Review: The Functional Cost Review compares operational cost and productivity against an aggressive peer group to identify and quantify opportunities in productivity, staffing, skill mix, pay scale, non-labor expenses, agency labor, and supplies. Individual peer groups are established for each facility and data is sourced from general ledger detail (by cost center and expense account), payroll detail (by cost center and job code), and department specific volume statistics. Improvement potential is categorized into over 100 functional areas based on cost/UOS and hours/UOS, where applicable.
Clinical Service Review: The Clinical Service Review helps hospital executives and managers understand clinical costs, practice variation, resource utilization, and physician performance to improve care and cost. It also highlights where to focus on improvement initiatives–by service line, DRG, severity level, physician, and clinical cost component.
Quality Benchmark: The Quality Benchmark integrates cost information with Process of Care and AHRQ Quality measures enabling hospital executives to quantify the cost of “off-quality”, the clinicians responsible for quality variation in the organization, and what needs to be done. Comparisons and trends, based on AHRQ Patient Safety and Inpatient Quality and Joint Commission Core Measures, are provided versus each facility’s respective peer group. Comparisons include overall quality profiles, cost vs. quality positions, the cost of “off-quality” by indicator, DRG, physician and patient, and off-quality LOS.
Patient Satisfaction Benchmark : The Patient Satisfaction Benchmark compares performance along each of the HCAHPS survey indicators, benchmarking performance against peers, state and national ratings, along with internal trend performance.
Value-Based Purchasing Calculator: The Value-Based Purchasing Calculator uses publicly available data to calculate a hospital’s VBP score. The interactive tool allows clients to compare scores to peers and identify at risk Medicare reimbursement and understand how each Process of Care indicator and HCAHPS Patient Satisfaction measure impacts hospital VBP score.
Physician Scorecards: The Physician Scorecards not only satisfy JCAHO Ongoing Professional Practice Evaluation (OPPE) requirements for practitioners with privileges, but serve as an excellent tool to understand strong and weak performers on your medical staff. Our physician profiles examine internal peer cost comparisons, length of stay variation, readmission rates, utilization patterns, key quality issues, and profitability.
Data Accuracy and Integrity
Data are coded by iVantage Health staff to maintain accuracy and integrity within our tightly defined functional definitions. Data verification occurs with each facility’s program coordinator, finance team and departmental managers to ensure further accuracy and agreement.
iBenchmarks allows clients to:
- Measure and monitor performance against peers and/or competitors
- Identify and quantify opportunities and areas of improvement across the entire enterprise
- Understand clinical costs, practice variation and physician performance
- Integrate cost information with Process of Care and AHRQ Quality measures
- See comparisons and trends based on AHRQ Patient Safety and Inpatient Quality and Joint Commission Core Measures
- Compare performance on HCAHPS survey dimensions
- Performance improvement planning and monitoring
- Cost of off quality
- Maximizing reimbursement
- Medicare break-even
- Value Based Purchasing
- Physician Scorecarding