Verras’ MVI™ hospital metrics of value utilize 3 years of either MedPAR (Medicare) data or hospitals’ specific All-Payer data from their Medical Records departments. A limited number of states can also provide All-Payer data, such as CA (OSHPD). Six metrics of value are:
1. National Hospital Quality Metrics & Patient Satisfaction - [46 / 6%]
2. Hospital Readmission Rates - [80 / 10%]
3. Mortality Rates - [144 / 18%]
4. Morbidity Rates - [174 / 22%]
5. Reductions in Variation (RIV) - [126 / 16%]
6. Resource Consumption (Costs) - [230 / 29%]
The maximum points assigned to each metric are in parenthesis along with its rounded percentage contribution to the overall 800-point MVI score.
Verras was founded over 30 years ago by William Mohlenbrock, MD who remains our Chief Medical Officer. Verras has an exceptional staff and an excellent reputation for delivering value to customers. The Company has since 2009 focused on developing additional solutions that would build upon Acuity Index Method™ (AIM) and Verras Sherlock™ so that the Company could offer through its analytics a suite of solutions tailored to the emerging needs of a changing healthcare market. These additions now include Verras Watson™, a solution developed to assemble each case at the order level and compare a single physician or group of physician’s cases to demonstrate internal best practice. It also includes Medical Value Index™ (MVI), a patented method for calculating the value of hospitals. It utilizes 3 years of hospitals’ discharge data obtained from public or hospital databases. MVI also provides a platform that hospitals can use to design and implement new compensation plans to reward physicians within specific clinical services (surgery for instance) for improved quality of care and costs savings. Verras’ distinctive approach of working directly with individual physicians provides substantial improvements including reduced clinical variation, costs, improved outcomes, improved documentation resulting in increased revenues, improved hospital/physician relations, enhanced physician and patient satisfaction, and a healthier community.
For the first time, hospitals are being reimbursed based on quality of care (value based care) rather than simply receiving “pay for services”. Verras’ analytical solutions are squarely focused on assisting Chief Medical Officers, and the Executive suite who support hospitals in enhancing value by improving quality of clinical care and reducing costs.
For the first time, with the advent of global population based payments, incentive-based payments, mandatory bundled payments by CMS (Orthopedics comprehensive joint replacement, and Cardiac for heart attacks and bypass surgery), and gain-sharing, hospitals not only need to measure physician performance for costs and quality at a granular level, but also develop and deploy payment and savings distribution programs with physicians. Verras’ analytical services allows hospitals to measure and compare physician performance and assist in the design and implementation of gain sharing compensation programs. Verras’ analytics also enable hospitals to evaluate and improve the effectiveness of their charge capture from existing payment models based on documentation of patient acuity and service intensity.
For the first time ever, hospital and physician financial incentives for hospitalized patients are now aligned and can be designed to maximize clinical effectiveness and reward physicians for care improvements.