Holy Name Press Releases

Holy Name Medical Center Recognized As A Community Value Five-Star™ Hospital

August 5, 2011

Cleverley + Associates assesses finances, cost of care, pricing and quality

Teaneck, NJ - Holy Name Medical Center has been recognized for the second year in a row as a top-ranked Community Value Provider by Cleverley + Associates, a leading healthcare financial consulting firm specializing in operational benchmarking and performance enhancement strategies. Holy Name was ranked among the top 20 percent of all hospitals in the U.S. and is the only hospital in Bergen County to receive the Community Value Five-Star™ designation.

The Community Value Index was created by Cleverley + Associates to provide an assessment of a hospitals performance in four areas: financial strength and plant reinvestment, hospital cost structure, hospital charge structure and hospital quality performance. Fundamentally, the CVI suggests that a hospital provides value to the community when it is financially viable, is appropriately reinvesting back into the facility, maintains a low cost structure, has reasonable charges, and provides high quality care to patients. While many hospitals perform well in one or two areas, hospitals that are part of the Community Value Five-Star™ group show strong performance in all four.

Cleverley + Associates released the findings as part of its publication, State of the Hospital Industry - 2011 Edition. Written by William O. Cleverley, Ph.D., an expert in healthcare finance, State of the Hospital Industry reports selected measures of hospital financial performance and discusses the critical factors that lie behind them. The publication focuses on the US acute-care hospital industry over a three-year time period (2007-2009).

"As pricing in health care becomes more consistent and transparent, the concept of value assumes increasing importance," says Michael Maron, President/CEO, Holy Name Medical Center, "and we are extremely pleased to be recognized as a top-tier hospital for value." Mr. Maron says Holy Names cost structure and outcomes "are the most efficient in the market, allowing us to be very competitive in a bundled payment system, an episode-of-care system or, ultimately, an accountable care organization." He adds, "While quality, responsible stewardship of resources and commitment to community are coming under increasing scrutiny, these are core values that Holy Names mission has been built upon for 86 years."