July 28, 2011 -
Cleverley + Associates (Columbus, OH) recently recognized Olympic Medical Center as a top-ranked Community Value Provider. This represents the eighth straight year that Olympic Medical Center has received the Community Value Five-Star award. Cleverley + Associates, a leading health care financial consulting firm specializing in operational benchmarking and performance enhancement strategies, released the findings as part of its new publication: State of the Hospital Industry - 2011 Edition.
“Every year we are extraordinarily pleased to receive this recognition because it sums up many of the things we try to achieve for our community, which includes remaining a financially viable hospital as we provide high quality medical care to our patients at a reasonable cost,” says Eric Lewis, chief executive officer, Olympic Medical Center. “This award recognizes the great job our employees and medical staff do every day for our patients.”
The 2011 State of the Hospital Industry reports an exclusive measure developed by Cleverley + Associates: the Community Value Index® (CVI). The CVI is a proprietary index created to offer a measure of the value that a hospital provides to its community. The book outlines the data used to calculate the CVI, as well as provides a list of the Top 100 and all Five-Star (top quintile) hospitals.
“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,” adds James Cleverley, co-author. “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.”
Written by William O. Cleverley, Ph.D., a noted expert in health care finance, the State of the Hospital Industry reports selected measures of hospital financial performance and discusses the critical factors that lie behind them. The publication focuses on the US acute-care hospital industry over a three-year time period (2007-2009).
ABOUT CLEVERLEY + ASSOCIATES
Cleverley + Associates is a Columbus, Ohio-based healthcare data and consulting services firm specializing in custom data analyses and reporting for healthcare providers, consultants, and vendors. The company’s primary focus is to provide healthcare providers with solutions and recommendations that will enhance their financial performance through better pricing decisions; improved coding, capital restructuring, cost and productivity enhancements; and/or investment management changes. For more information, call Cleverley + Associates at 888-779-5663 or visit www.cleverleyassociates.com.
Olympic Medical Center (Clallam County Public Hospital District No. 2) is a comprehensive, award-winning health care provider for more than 70,000 residents of Clallam County. It has served the community since its establishment on Nov. 1, 1951, and is governed by a seven-member, publicly elected board. OMC is a sole community hospital and rural referral center. It provides inpatient services at its 80-bed acute-care facility in Port Angeles, including a level-three trauma designated emergency department, surgical services, and labor and delivery. OMC’s outpatient services include cardiac, imaging, physical therapy and rehabilitation, laboratory, sleep medicine, surgical services, home health, physician clinics and comprehensive regional cancer care at locations in Port Angeles and Sequim.