Who Wants to Be a Millionaire? Hospitals Share their Secrets
January 12th, 2015
Would you like to add a couple of million to your hospital’s bank account? The Tennessee hospitals can show you how. Their savings came from reducing the rates of acute renal failure, surgical site infections, and other complications.
Quality improvement isn’t anything new for hospitals. In fact, three out of four winners of the recently announced Malcolm Baldrige National Quality Award are hospitals and healthcare systems: Henry Ford Health System of Detroit, Schneck Medical Center of Seymour, IN, and the Southcentral Foundation of Anchorage. In a time when healthcare headlines often are dismal, we applaud you!
And QI efforts aren’t going to stop anytime soon. The AHA’s Health Research & Educational Trust, under a contract with CMS’ Partnership for Patients campaign, is working with 33 state hospital associations – that’s almost 2,000 hospitals -- on adopting best practices. The AHA says these best practices can reduce inpatient harm by 40% and readmissions by 20%. That’s good news, considering that CMS is rolling out new initiatives to base hospital payments on value as well as volume.
With all of these initiatives, should we expect to see a few more millionaires coming forth in the healthcare field? We predict yes. And that’s our final answer.
In an update to my Jan. 24 blog, The Coalition to Protect America's Health Care has launched a TV ad again asking Congress not to cut Medicare and Medicaid funds for hospitals. Let’s keep our fingers crossed.