How do regulatory agencies assist in providing benchmarking data?
What is the approach and process in regards to benchmarking?
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1. How do regulatory agencies assist in providing benchmarking data?
Regulatory agencies can provide benchmarking data to enable hospitals to compare detailed financial, operational and clinical performance to any peer group desired. Hospitals can take advantage of this by using benchmarking data to: target operational and clinical areas for improvement; and identify, set and direct precise and attainable performance goals. In fact, there are several sources of reliable benchmark data exist. Public data are available for purchase from the Health Care Financing Administration (HCFA), state organizations that monitor healthcare costs as well as many healthcare data-management companies. HCFA sells the Medicare data from hospitals submitting detailed bills. Many of the data-management companies sort and compile these data into user-friendly formats by hospital or peer grouping (Benchmarking for Innovation and Improvement).
Other examples of sources of benchmark data are: Maryland Health Services Commission for Rate Control (HSCRC); Health Care Investment Analysts (HCIA); and Market Insights, Inc., a data-management company.
* HSCRC provides ...
This solution responds to the two questions related to benchmarking in some detail. Examples and references are provided.