New Hanover Regional Medical Center Named One of the 100 Strongest Hospitals, Top 2.5 percent in the Nation
- Published on Monday, 25 November 2013 17:00
- Written by Super User
• Financial Stability Index - A rating of hospital performance based a select set of balance sheet and income statement financial ratios.
• Market Size and Growth Index - A rating of market potential based on the five-year projected growth in demand and the five-year projected total inpatient volume.
• Competitive Strength Index - A rating of market share based on the hospital’s Herfindahl-Hirschman Index (HHI) score, a commonly accepted measure of market concentration.
• Competitive Intensity Index – A rating of the concentration of market power based on the HHI score for all competing hospitals in the target facility’s market.
NHRMC Scores in the 99th Percentile
When the scores for each of these categories are taken into account, New Hanover Regional Medical Center’s overall rank was in the 99th percentile. This means that NHRMC offers better care, higher quality and lower costs than 99 percent of hospitals in the country.
iVantage reports that high-performing hospitals share a commitment to accelerating performance and using analytical data to track results. Additionally, iVantage reports that when interviewing executives from high-performing hospitals, 10 priorities surfaced:
1. They have a strategy and their intentions are known throughout the organization
2. They focus on accelerating performance
3. They create high reliability by hardwiring performance in their employees
4. They compete using analytics
5. Everyone knows the organization’s financial performance
6. Everyone knows the problems and priorities
7. Everyone is responsible for strategy
8. They use outside references for benchmarks
9. They make physician collaboration a high priority
10. Employees consistently talk about the high standards in the organization, the importance of listening to patients and families and their ability to work autonomously to get the job done.
“In the nation’s changing healthcare landscape, it is more important than ever for hospitals to show our patients and our communities that we are providing high quality, efficient care at an affordable cost,” said Jack Fuller, Chairman of New Hanover Regional Medical Center Board of Trustees.
“This achievement is the result of years of focused attention to meet and exceed these high standards.” “iVantage seeks to help hospitals achieve their mission by conducting this type of research,” said John Morrow, Executive Vice President of iVantage Health Analytics, Inc. “The Index and analyses reveal that geographic variation, population health and superior performance are interrelated, and that they can result in lower cost, better outcomes and healthier communiFor more information on this study visit: http://ivantagehealth.com/hospital-strength-index
About New Hanover Regional Medical Center: With a dedicated team of more than 6,000 employees, 575 physicians and 800 volunteers, New Hanover Regional Medical Center is one of the largest public, not-for-profit healthcare organizations in the Carolinas. A multi-campus healthcare system, NHRMC includes the main 17th Street campus, NHRMC Orthopedic Hospital on Wrightsville Avenue and the management of Pender Memorial Hospital in Burgaw. With a team-based approach to healthcare, NHRMC offers a variety of healthcare services, technologies and treatments for patients of all ages. NHRMC provides more than $140 million in charity care each year.
About iVantage Health Analytics: iVantage Health Analytics® is a privately held healthcare business intelligence and technology company serving more than 500 hospitals across the United States. iVantage Health Analytics provides comparative healthcare analytics by integrating disparate market, clinical, operational, and financial data into a single platform for executive level business intelligence. For more information, visit www.iVantageHealth.com.