Avera McKennan named a Five-Star Community Value Provider
SIOUX FALLS (July 20, 2011) – Avera McKennan Hospital & University Health Center was recently recognized as a top-ranked Community Value Provider by Cleverley + Associates of Columbus, Ohio. As a Five-Star hospital, Avera McKennan is ranked in the nation’s top 20 percent for providing value to its community. Avera McKennan and the Avera Heart Hospital of South Dakota were the only hospitals in Sioux Falls to receive this national recognition.
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.
“The superior value that we provide to our patients sets Avera apart from other health care providers in our market. In today’s health care climate, value is increasingly important. Good stewardship of financial resources – for both our organization and our patients – is extremely important to us,” said Dr. David Kapaska, regional president and CEO for Avera McKennan. “This recognition is strong validation that we’re living this out in very practical ways.”
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).
For the eighth year, 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 Community Value Index® was created to assess 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,” said James Cleverley, co-author of the report.