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| Q: |
Explain the idea behind the CVI. |
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| A: |
The topic of hospital value is increasingly being discussed. Issues of pricing and community benefit have been well-publicized but little has been offered to measure the broad scope of value. In response, the Community Value Index® was created to provide an assessment of a hospital’s performance in four areas: financial strength and reinvestment, cost of care, pricing, and quality. Fundamentally, the CVI suggests that a hospital provides value to the community when it is financially viable, is appropriately reinvesting back into the facility, maintains a low cost structure, has reasonable charges, and provides high quality care to patients. |
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| Q: |
What does the number tell me? |
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| A: |
The CVI number, or overall score, provides a relative ranking. For example, a hospital's performance in each of the measures that comprise the CVI is benchmarked against all of the other hospitals in their comparison group. A score is assigned based on the hospital's relative position for each measure, and those individual scores are combined to provide a total CVI score. |
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| Q: |
Is there anything new with this year’s CVI? |
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Yes, New for this year’s study is the quality dimension. Hospitals are increasingly reporting quality performance data to public and private entities that has resulted in more accurate comparison across facilities. As reporting standards and number of facilities submitting data have increased we believe that comparison in this critical area is more reasonable to conduct. Our comparison of data in this area is done through the examination of a new metric: the Hospital Quality Index. |
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| Q: |
What makes the "Top 100" and "Five-Star" hospitals stand apart from the rest? |
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It's important to recognize that a large number of hospitals may perform well in one or two of the core areas of the CVI; however, those hospitals that are part of the Top 100 and Five-Star groups have achieved strong performance in each of the four areas. |
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| Q: |
Hospital pricing is dependent upon so many factors. How does the CVI account for market differences in pricing comparison? |
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Hospitals with greater percentages of patients who are uninsured or are insured by payers that reimburse for care at levels less than cost (Medicaid, for example) are at a disadvantage in pricing hospital services. These hospitals must have higher prices in order to cover deficiencies from treating these patients. The CVI recognizes this and adjusts the pricing component to allow for more meaningful charge comparison. |
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| Q: |
How can a hospital improve its score? |
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Hospitals improve their CVI scores when they understand and address many areas of opportunity - whether that involves one area or several within the CVI. Once the general area, or areas, is defined, a hospital can examine the driving factors behind its performance and address those issues accordingly. |
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Would you like to find out more about Cleverley & Associates and our custom projects and data solutions?
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| HospitalDx® |
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Hospital-specific data from one of the most trusted names in the industry are now available anytime, anywhere, for free!
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