Modern Healthcare Metrics, a joint venture leveraging the strength and integrity of Modern Healthcare and Healthcare Management Partners (HMP), has launched.
Modern Healthcare Metrics is a proprietary subscription service that delivers insight into the financial and strategic position of healthcare facilities into the hands of anyone who needs to think analytically about investment in the delivery of care.
"There is no other product on the market like Modern Healthcare Metrics and it will become the gold standard for industry data due to its reliability, ease of use and flexibility to provide applicable strategic insight for any professional in any role that intersects healthcare," said Fawn Lopez, Publisher and Vice President of Modern Healthcare. "This an intuitive database populated by the industry's cleanest data that clearly visualizes how a facility performs against its peers with instantaneous graphics and indices. Modern Healthcare Metrics will fundamentally change the way business is done in the industry by enhancing healthcare executives with the ability to make more informed, evidence-based decisions."
Partnering to bring Modern Healthcare Metrics to the market place is in step with Modern Healthcare's mission to inform, inspire and empower healthcare executives to gain knowledge, make informed decisions and successfully lead and grow their organizations.
HMP, a turnaround and consulting firm, led former by C-level hospital executives, specializes in assisting healthcare organizations experiencing current or anticipated financial challenges. HMP created what is now called Modern Healthcare Metrics to inform executive decisions and support expert testimony. Over time HMP realized the platform's dynamic potential to empower the entire industry to make informed and strategic decisions and partnered with Modern Healthcare to evolve the proprietary data into a revolutionary product.
"We honed the Modern Healthcare Metrics formula over decades of practical use in our work solving real world problems in hospitals, health systems and other facilities," said Scott Phillips, Managing Director of HMP. "Whether it was making the right decision in a turnaround setting, undertaking financial due diligence, or presenting as an expert witness, the data always informed the right decisions and stood up to scrutiny. We're proud to partner with Modern Healthcare and to open this treasure trove to the industry."
Modern Healthcare Metrics assembles Healthcare Cost Report Information System (HCRIS) data from more than 600,000 Medicare cost reports — filed by hospitals, nursing homes, home health agencies, and other providers — as well as billions of Medicare claims across all providers (including physician specific data) into an electronic database that overlays Census and financial data. The result is a versatile study of a healthcare facility's financial and quality performance over the years in a format that natively compares metrics to peer facilities.
Importantly, data contained in the Modern Healthcare Metrics database has been "scrubbed" to exclude partial period or statistically aberrant data elements reported by individual providers. This careful data validation process produces highly accurate and defensible benchmarks for the hundreds of industry metrics reported in the database.
That accuracy lends itself to a wide audience of users that intersect the healthcare industry, including: hospital boards; hospitals and health systems; law firms; accounting and consulting companies; investment and commercial banks; vendors and group purchasing organizations; policymakers; and marketing, communications and journalism professionals.
"Never before have decision makers in the healthcare industry had a firmer grasp of where every healthcare facility stacks up against its local and national peers," added Phillips. "This level of transparent data eliminates mystery and guesswork and ensures informed decisions are always made."
Modern Healthcare Metrics will be a primary data source that guides Modern Healthcare's future content development. As a result, Modern Healthcare's readers will have exclusive access to timely trends and deeper insights and exposure to previously unreported healthcare business intelligence.