Are you measuring the right things at your hospital? That’s the question posed in this HFMA session on using benchmarking to drive and measure exceptional, sustained financial performance.
And it’s not just a theoretical discussion. Baptist Medical Center South (BMCS) in in Montgomery, Ala., applied steps and tools to establish effective benchmarks and use them to dramatically improve efficiency and the bottom line.
Transformation represents a big cultural and financial investment for hospitals, with enormous returns. Baptist Medical Center South applies performance benchmarking to ensure that its “Patients First, Compassionate Care, Pursuing Perfection” transformation initiative continuously delivers exceptional operational and financial performance.
BMCS succeeds with a precise discipline for benchmarking: Compare performance, identify gaps and change processes to address them. BMCS also has adopted a unique logistical “production” model for care delivery that ensures accurate, consistent performance data for benchmarking and provides the operational tools to address gaps quickly and thoroughly.
BMCS also identified and defined several key metrics to benchmark that provide the greatest operational insight, which helps clearly identify areas of opportunity and the actions required to improve. This session posted above focuses on several used by BMCS to benchmark financial performance:
- ALOS (and the rigor required to accurately, effectively define and measure ALOS)
- Case Mix Index
- ED Flow
Also, click here to download a companion benchmarking template spreadsheet that hospitals are using to put the benchmarking practices in action: http://www.carelogistics.com/landing-and-redirect-pages/hfma-resource-site-hospital-benchmarking-for-breakthrough-results-request.aspx