HMC Launches the Value Dashboard™ for Cost of Quality Benchmarking
The HMC Value Dashboard™ plots the relationship between a hospital's quality ranking and cost with comparison hospitals of similar size and scope of services. The resulting performance improvement cost of quality benchmark defines the competitiveness of a hospital based on the value of care delivered.
Needham, MA (PRWEB) January 25, 2007 -- The Healthcare Management Council, Inc. (HMC), a non-traditional benchmarking firm that fosters collaboration in hospital performance management, announces its Value Dashboard™. The Value Dashboard™ plots the relationship between a hospital's quality ranking and its cost ranking with comparison hospitals of similar size and scope of services. Using a hospital's own UB-92 data, HMC applies the patient safety and quality AHRQ designed programming logic to calculate its AHRQ measures and ranks them versus others. The result defines the competitiveness of a hospital based on the value of care delivered.
In addition, HMC calculates the cost of off-quality based on each hospital's Patient Safety and Patient Quality outcomes. Hospitals can see their results from last month, not from last year, compare those results to hospital peers, and manage the results in a dashboard.
Most hospital quality data is outdated, sometimes as much as a year old. Opportunities to improve clinical processes based on old data means the opportunity to fix it are gone by the time it's uncovered. As quality data becomes increasingly public, the need to manage these indicators becomes increasingly important. In an age of consumerism that means for the first time clinical outcomes can now impact your hospital's volume and revenue.
The Value Dashboard™ is part of a suite of HMC tools to provide benchmarks, simplify the generation of ideas (Idea Trees™), creation of action plans (Action Plan Developer™), the measurement and communication of results (Trackers™ and the Digital Dashboard™) and the web based collaboration platform HMCwiki. Both department managers and hospital executives use these tools to monitor action plans that focus on key strategic initiatives. Together they give a hospital a more complete view of current performance improvement efforts, and where performance is headed.
Partners of HMC share acute hospital financial and practice information. Hospitals then use the HMC suite of products to support hospital managers in the project development phase and to move managers to action that will yield measurable results.
HMC President Tom Day says, "In the near future hospitals will be competing on value, that elusive combination of healthcare quality and cost. HMC has cracked the code in bringing those two components together into an easy to understand Value Dashboard™. At a glance, a hospital can see where they are, and where they are going. And, we can show them what initiatives will get them there the quickest."
Web Site: http://www.HMC-Benchmarks.com
Demo request: http://www.HMC-Benchmarks.com/contact/
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