Cone Health Named One of Most “Cost-Efficient” Systems
The study examines costs and deaths to compile its rankings.
Greensboro – When it comes to great quality of care at low costs, few do it better than Cone Health. Cone Health is 19th on the list of most cost-efficient hospitals put together by the health care think tank Lown Institute.
Nearly $4 trillion is spent in the U.S. on health care every year. Health care bills contribute to more than 58% of bankruptcies according to a recent study. And costs can vary widely, even among hospitals in the same area.
The Lown Institute study compared data from more than 3,000 hospitals. It looked at how much the hospitals charged Medicare for care and at death rates 30 and 90 days after people left the hospital. The goal was to identify those hospitals that provided the best care at the lowest costs.
“We truly believe that high-quality care is low-cost care. Avoiding infections after surgery, avoiding falls, getting a patient’s problem addressed right the first time, these keep costs low,” says Dr. Mary Jo Cagle, chief executive officer, Cone Health. “And making sure people get health care when and where they want is also a huge part of cost-efficiency.”
The Lown Institute study shows that if all hospitals matched the performance of the country’s most cost-efficient hospitals, there would be $8 billion in Medicare savings each year.
“If we want to keep costs low for the Medicare program and provide quality care for the 60 million Americans who depend on it, hospitals must be as efficient as possible,” says Dr. Vikas Saini, president of the Lown Institute. “The best hospitals prove that you can save Medicare dollars and deliver great patient outcomes at the same time.”