The Definition of Value in Healthcare
VIRGINIA HOSPITAL CENTER: THE HIGHEST VALUE PROVIDER IN THE WASHINGTON METRO AREA
Healthcare is undergoing a transformation in America. With the implementation of the Affordable Care Act, insurers are expanding coverage — and increasing costs to consumers.
If your insurer has raised your premiums and you’ve noticed that your plan now has higher deductibles and co-pays, you are not alone. Many people will be paying a larger percentage of their healthcare bills out of their own pocket in 2014.
To keep premium costs more reasonable, employers are increasing co-pays, which is the amount that employees have to pay for doctor visits and hospital services based on their benefit plan.
“Co-pays could be as high as 50 percent or as low as zero, depending on the specific plan benefits. What we are seeing is a trend in higher co-pays nationwide,” says Robin Norman, Chief Financial Officer, Virginia Hospital Center.
Another cost-containment strategy employers are using to keep premium costs down is to raise deductibles. The deductible is the amount patients pay before insurance benefits begin to cover services. Higher deductibles and co-pays mean that employees will have to pay more healthcare dollars on their own.
“These changes will affect how consumers make decisions about where they receive their healthcare,” says Jeff DiLisi, MD, Chief Medical Officer, Virginia Hospital Center.
“They are always concerned with quality, but, more and more, the cost for services will enter into their decision. Consumers are going to prefer providers that offer excellent quality at a competitive cost — where they can get the best value for their healthcare dollars.”
When it comes to quality, Virginia Hospital Center ranks with the most respected hospitals in the United States, as evidenced by being named a 100 Top Hospital® in America for 2013 and a 50 Top Cardiovascular Hospital® in America for 2014 by Truven Health Analytics, a Top Performer on Key Quality Measures by The Joint Commission and other national recognitions.
Patients attest to the excellent care and service they receive during their stay by giving the Hospital high marks on HCAHPS surveys.
At the same time, Virginia Hospital Center is able to achieve the highest levels of quality and patient satisfaction while keeping costs lower.
According to Virginia Health Information’s 2012 Industry Report, Virginia Hospital Center has the lowest cost per admission in Northern Virginia at $6,072.
In comparison, the cost per admission at Inova Fairfax Hospital was $9,384, or 35 percent higher. The cost data in the Industry Report is adjusted for severity of cases treated at each hospital to ensure an “apples to apples” comparison.
The Virginia Health Information Industry Report compares the cost per adjusted admission for every hospital in the state. The overall state average is $8,482.
Virginia Hospital Center’s cost per admission has been dropping since 2007, compared to Inova Fairfax Hospital, Inova Alexandria Hospital and Inova Fair Oaks Hospital where costs have been rising.
“To have lower costs per admission, a hospital has to be very efficient, with good lengths of stay, fewer complications and a lower rate of readmissions,” Dr. DiLisi explains.
Virginia Hospital Center has been able to lower costs over the past several years — and at the same time achieve superior levels of quality and patient satisfaction.
“That’s why Kaiser Permanente selected Virginia Hospital Center as their premier hospital for Northern Virginia,” Norman says. “We provide a high level of service at a competitive cost. They were attracted to our value.” “In every aspect, Virginia Hospital Center is the highest value provider in the Washington metro area,” says Dr. DiLisi.
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