Guide Healthcare Performance Improvement with Peer Benchmarking
Waste and Inefficiency Are a Huge Problem for Your Bottom Line
The transition to value-based care and the ensuing financial pressures have made the optimization of care delivery critical for hospitals and healthcare networks. Healthcare performance improvement, tightening operating margins and maximizing profitability have become more important than ever. However, the New England Healthcare Institute estimates that $700 billion in revenue is lost annually the by US healthcare industry due to waste and inefficiency. That's more than the annual gross domestic product of Switzerland. Examples include:
- $290 billion from patient medication adherence
- $179 billion due to unexplained variations in care
- $137 billion because of medication misuse and errors
Despite these statistics, only 21% of chief financial officers report using healthcare data analysis to reduce costs. While many organizations are asking practitioners to do more with less, enterprise-level optimizations represent a significant opportunity for healthcare performance improvement.
Hendrick Medical Center: A Case Study in Healthcare Performance Improvement
Hendrick Medical Center wanted to improve OR efficiency, reduce patient wait times, and enhance the overall patient experience for the more than 10,000 surgeries it handles each year.
OR Benchmarks Collaborative allowed Hendrick to import 24 months of data and view it in an online, interactive dashboard that revealed key factors and trends. With standardized case data and uniform metrics, the leadership could then compare current performance to both historical performance and statistically significant, self-selected peer groups. The patient throughput benchmarking service aggregates data from more than 2.5 million surgical cases in 350 hospitals, providing benchmarks with other peer facilities.
Using this healthcare data analytics approach, Hendrick realized it was at or below the 50th percentile for turnover time and first case start time accuracy. A goal of reaching the 75th percentile for both measures was set. With the help of OR Benchmarks Collaborative's monthly trended outcomes on key performance indicators, clinical managers posted reports detailing turnover times by doctor, nurse, and specialty to drive compliance with this goal. Making the data visible allowed for accountability across multiple roles, while shared benchmarks helped surgical and ancillary teams work together like never before.
In the end, Hendrick created a successful turnover process that:
Contact us to learn more about how the OR Benchmarks Collaborative can help your organization use benchmarks to achieve healthcare performance improvement.
Next: Evaluate Performance with
Physician Quality Measures