WHY A HOSPITAL VALUE REPORT?
Michael Porter provides a straightforward framework for all participants around patient value. And yet, healthcare in the United States and here in Colorado consistently fails to meet the litmus test of high value – both with regard to quality and cost.
Quality variation is wide and ubiquitous – across, as well as, within virtually any given hospital. And prices – even after adjustments for patient acuity, the local cost of living, labor mix, amount of uncompensated, care and several other factors – vary wildly.
As the nation’s healthcare spending continues to grow above the general rate of inflation, the pressure on providers, insurers and drug manufacturers to provide transparent price and quality data is mounting. Moreover, patients, burdened by rising deductibles, demand the information needed to shop for healthcare services in a more informed way.
- For the most part, the majority of Colorado hospitals offer services that rank among the highest in the country. At the same time, however, the near opposite of that statement is also true: the majority of Colorado hospitals offer at least one service that is among the lowest in the country. (And several more that would be rated as “average.”)
- High prices at specific Colorado hospitals CAN correlate with higher quality for some services, but the price absolutely does not reflect or predict higher quality for all services – in significant contrast to the experience consumers have with other goods and services in the US economy.
- The encouraging news seems to be that there are high performing, lower-priced hospitals in Colorado. Only a hospital value report such as this, however, can assist plans in identifying them.
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