Objective Health In The News
In an April 24 webinar hosted by Becker's Hospital Review, experts from Objective Health, a McKinsey Solution, discussed strategies for hospitals to reduce unwarranted clinical variation.
In a January 23 webinar hosted by Becker's Hospital Review, experts from Objective Health, a McKinsey Solution, discussed key enablers for the development of population health strategies. The webinar featured James Stanford, Client Service Executive with Objective Health, and Luis Almeida Fernandes, Greg Gilbert, Peter Groves and Will Wright, all with McKinsey & Company.
Nationwide or statewide reports on hospitals' quality and financial information, such as CMS cost reports, are designed to allow easy comparison of performance across hospitals that are each unique, differing in patient population, processes and other areas. However, some hospitals may interpret questions or report differently. It becomes more difficult to compare "apples to apples" when there is variability in reporting.
Under healthcare reform, hospitals are becoming financially accountable for quality of care. CMS' value-based purchasing program, for example, will provide payments based on multiple quality measures, including hospitals' scores on the Hospital Consumer Assessment of Healthcare Providers and System survey. Collecting and reporting accurate data will therefore be critical for hospitals to receive the correct payment.
In an industry that focuses on evidence-based practices, measurable progress and performance-based payment, hospitals' management of data is becoming more important than ever. "Data is experiencing explosive growth in hospitals right now," says Russ Richmond, MD, CEO of Objective Health, the McKinsey & Company unit that serves hospitals. "But, data are fragmented, and they are not all that useful unless they are accurate and analyzed properly."
How Using a Scorecard Can Smooth Your Hospital’s Transition to a Population Health-based Reimbursement Model
The US healthcare system’s myriad of problems again seized the headlines recently with the release of an Institute of Medicine report, which found that 30 percent of healthcare spending in 2009 – around $750 billion – was wasted. Citing the “urgent need for a system-wide transformation,” the report blamed the lack of coordination at every point in the system for the massive amount of money wasted in healthcare each year.
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