Rural Healthcare Study release
Washington DC– February 2, 2016 – iVantage Health Analytics, Inc. (iVantage) today presents new research at the Rural Health Policy Institute to educate policy makers on the challenges facing rural hospitals and the repercussions of rural hospital closures. The research comes from iVantage’s 2016 Rural Relevance: Vulnerability to Value Study, which assesses rural and Critical Access Hospital performance.
Conducted annually, the Rural Relevance study leverages iVantage’s industry standard Hospital Strength INDEX®, measuring hospital performance across nine measures and more than 70 metrics. The study’s methodology undergoes rigorous review each year to ensure the benchmark report reflects the impact of multiple pressure points converging on rural healthcare. This year, the study includes a new Health Disparities Index, which assesses critical population health metrics and the corresponding impact on rural hospitals and their communities across the U.S.
"2016 survey results show that the rural health safety net continues to operate in a complex socioeconomic, demographic, regulatory and reimbursement environment with numerous challenges. Since 2010, more than 60 rural communities have experienced a hospital closure. iVantage research has identified another 673 facilities that are now vulnerable or at risk for closure in 2016," commented Michael Topchik, senior vice president at iVantage. "When you consider that a rural hospital is often a community’s largest employer, the loss of an immediate – or local – point of care can have a significant impact on a community. We estimate that if this group of 673 hospitals were to close, 11.7 million patient encounters would be at risk, and lead to a potential loss of 99,000 healthcare jobs, 137,000 community jobs and $277 billion to the GDP," Topchik added, who will present the study’s key findings at the Policy Institute.
The Rural Health Policy Institute is the largest advocacy event of its kind in the nation and iVantage experts will share the study findings with legislators, advocates and hospital leaders from across the country. Hosted by the National Rural Health Association (NRHA), iVantage will be joined by several other advocacy and research organizations committed to advancing the rural health safety net.
About The Hospital Strength INDEX®
The Hospital Strength INDEX® is the foundation of the Rural Relevance study and its results serve as the basis for some of the most prominent awards in rural healthcare. It is used by organizations such as the National Rural Health Association in support of its advocacy and legislative initiatives. The INDEX provides the industry standard for assessing – and benchmarking - rural and Critical Access Hospital performance. Hospitals are measured across nine equally weighted pillars of
performance, encompassing 62 different metrics: Outpatient Market Share, Inpatient Market Share, Market Risk, Cost, Charge, Quality, Outcomes, Patient Perspective, and Financial Stability. More information about the study findings, including infographics on hospital vulnerability and health disparity, can be found at www.ivantageINDEX.com.
About iVantage Health Analytics
iVantage Health Analytics (iVantage) is a leading provider of healthcare analytic and decision support tools. Health system and hospital leadership teams across the country rely on the company’s software and services to deliver customized insights on clinical and financial performance, strategic planning, market assessment and contract optimization. Employing a full array of public, private and proprietary data, iVantage tools and solutions - from dashboards and preformatted reports, to industry and custom guided analytics - are designed to help its clients move from data to action. In addition, iVantage analytics and tools are the basis of continuing thought leadership and insight in the areas of healthcare policy and research. iVantage is a subsidiary of The Chartis Group, LLC. Learn more at iVantageHealth.com