In this series, we are exploring 5 key metrics that both drive a hospital towards high reliability but will also give an ROI on performance improvement initiatives beyond the initial financial investments.
Today, we are talking about Value Based Purchasing (VBP) scores, read the first installment of the series on redamission rates here, the second on HACs here, the third on HCAHPS star ratings here, and keep an eye out for this future topic: CMS star ratings.
Value Based Purchasing Overview
The Hospital Value Based Purchasing Program rewards acute care hospitals with incentive payments for the quality of care provided to Medicare patients. It was designed to improve the quality of care for hospital patients as well as the patient experience.
Hospitals are encouraged to improve the quality and safety of acute inpatient care for medicare beneficiaries and all patients by:
1. ELIMINATING OR REDUCING ADVERSE EVENTS
Facilities need an active commitment to keeping patients safe from harm, a culture of safety.
2. ADOPTING EVIDENCE-BASED CARE STANDARDS AND PROTOCOLS THAT RESULT IN THE BEST OUTCOMES FOR THE MOST PATIENTS
Instead of discussions about anecdotal conjecture, all decisions should be made based on real time data.
3. CHANGING HOSPITAL PROCESSES TO IMPROVE PATIENT CARE
Patient care rounding with data aggregation helps executive leadership assess which processes are working and which aren’t. The appropriate process improvement tools supported by data allow informed decisions to be made.
4. INCREASING CARE TRANSPARENCY FOR CONSUMERS.
Displaying patient experience information for patients and families to see will add to staff motivation.
TIP: The only way to know that your hospital is making advances toward better quality of care is by collecting real time data with a digital rounding tool that aggregates that data and quickly illustrates successes and failures. Strategies can then be adjusted as needed and new data collected and assessed.
We will continue to explore the ways in which each of these metrics can offer return on investments in upcoming blog posts.
Can't wait? Download our FREE eBook, How to Achieve ROI from High Reliability Initiatives, today.